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Testing Low-Balling Strategy in Rural Road Procurement

Iimi, Atsushi - In: Review of Industrial Organization 43 (2013) 3, pp. 243-261

A “low-balling strategy” by bidding contractors has increasingly been recognized as an important issue in public infrastructure procurement. Public works contracts are often imperfect and renegotiated after the contract award. Given the expectation for ex post adjustments, bidders seem...

Persistent link: https://www.econbiz.de/10010988291

(Un)bundling infrastructure procurement: Evidence from water supply and sewage projects

Estache, Antonio; Iimi, Atsushi A. - Solvay Brussels School of Economics and Management, … - 2011

Public infrastructure has long been faced with difficulty in financing. Available public resources are often limited in many countries. Competitive bidding in public procurement systems is an important instrument to contain the public investment costs. But competition is often limited in the...

Persistent link: https://www.econbiz.de/10011011585

Bidders' entry and auctioneer's rejection: Applying a double selection model to road procurement auctions

Estache, Antonio; Iimi, Atsushi A. - Solvay Brussels School of Economics and Management, … - 2011

Public procurement is a dynamic process involving vendors, contractors and procuring agencies. Even before submitting bids, competition among contractors may already have started. Given the nature of public work and expected strategies of rivals, some firms decide to enter the market, but others...

Persistent link: https://www.econbiz.de/10011011737

Sound Auction Specification and Implementation

Caminati, Marco B; Kerber, Manfred; Lange, Christoph; … - Department of Economics, University of Birmingham - 2015

We introduce 'formal methods' of mechanized reasoning from computer science to address two problems in auction design and practice: is a given auction design soundly specified, possessing its intended properties; and, is the design faithfully implemented when actually run? Failure on either...

Persistent link: https://www.econbiz.de/10011212798

Ambiguity and Nonexpected Utility

Kami, Edi; Maccheroni, Fabio; Marinacci, Massimo - Elsevier

This chapter reviews developments in the theory of decision making under risk and uncertainty, focusing on models that … â€œlinearity in the probabilitiesâ€ aspect of expected utility theory to game theory. The chapter consists of two main … rank-dependent utility models and cumulative prospect theory. The second part reviews theories of decision making under …

Persistent link: https://www.econbiz.de/10011255420

Multi-dimensional auctions under information asymmetry for costs and qualities

Papakonstantinou, A.; Bogetoft, P. - Volkswirtschaftliche Fakultät, … - 2012

This paper discusses the design of a novel multi-dimensional mechanism which allows a principal to procure a single project or an item from multiple suppliers through a two-step payment. The suppliers are capable of producing different qualities at costs which cannot exceed a certain value and...

Persistent link: https://www.econbiz.de/10011259763

March Madness in the Classroom

Einolf, Karl - In: Journal of Industrial Organization Education 1 (2006) 1, pp. 3-3

theory, risk management, and portfolio theory. Students represent different athletic apparel companies vying for the …

Persistent link: https://www.econbiz.de/10005246681

Auction Theory

Milgrom, Paul R. - Cowles Foundation for Research in Economics, Yale University - 1985

This paper discusses two central questions: Why do auction institutions continue to be so popular after thousands of years? and What accounts for particular details, like the popularity of sealed bid and ascending-bid auctions?

Persistent link: https://www.econbiz.de/10005249206

An experimental test of alternative models of bidding in ascending auctions

Isaac, R.; Salmon, Timothy; Zillante, Arthur - In: International Journal of Game Theory 33 (2005) 2, pp. 287-313

Persistent link: https://www.econbiz.de/10005155765

Jump Bidding Strategies in Internet Auctions

Easley, Robert F.; Tenorio, Rafael - In: Management Science 50 (2004) 10, pp. 1407-1419

Abidding strategy commonly observed in Internet auctions is that of "jump bidding," or entering a bid larger than what is necessary to be a currently winning bidder. In this paper, we argue that the cost associated with entering online bids and the uncertainty about future entry---both of which...

Persistent link: https://www.econbiz.de/10009214419

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