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established part of federal procurement for at least a century. Protests (sometimes called “challenges” or “remedies proceedings …” abroad) are a recognized bulwark against corruption in the United States, and have become a standard part of procurement … systems around the world, often at the urging of the United States. But new proposals being considered for U.S. government …
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This paper analyzes the design of innovation contests when the quality of an innovation depends on the research approach of the supplier, but the best approach is unknown. Diversity of approaches is desirable because it generates an option value. In our main model with two suppliers, the buyer...
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We consider auction games where, prior to the auction, bidders spend resources to increase their valuations. The market game is solved by solving an equivalent auxiliary social choice problem. We show that standard auctions are fully efficient, whereas reserve price requirements entail a double...
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