Gugler, Klaus; Weichselbaumer, Michael; Zulehner, Christine - In: European Economic Review 73 (2015) C, pp. 35-57
We study the effects of the recent economic crisis on firms׳ bidding behavior and markups in sealed bid auctions. Using data from Austrian construction procurements, we estimate bidders׳ construction costs within a private value auction model. We find that markups of all bids submitted...