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Project modifications and bidding in highway procurement auctions
De Silva, Dakshina G.; Dunne, Timothy; Kosmopoulou, Georgia - 2015
This paper examines bidding behavior in a setting where post-bid-letting project modifications occur. These modifications change both the costs and payouts to the winning contractor, making the contract incomplete. Recent empirical research shows that bidders incorporate the likelihood of such...
Persistent link: https://www.econbiz.de/10011397241
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Procurement Auctions for Differentiated Goods
Swarthout, J. Todd - 2011
under compensates for quality advantages, creating a market distortion in which the buyer captures surplus at the expense of …
Persistent link: https://www.econbiz.de/10013130629
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Project Modifications and Bidding in Highway Procurement Auctions
De Silva, Dakshina G.; Dunne, Timothy; Kosmopoulou, Georgia - 2017
This paper examines bidding behavior in a setting where post-bid-letting project modifications occur. These modifications change both the costs and payouts to the winning contractor, making the contract incomplete. Recent empirical research shows that bidders incorporate the likelihood of such...
Persistent link: https://www.econbiz.de/10014048906
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Competition in electricity spot markets : economic theory and international experience
Fehr, Nils-Henrik M. von der; Harbord, David Cameron - 1998
The main purpose of this survey paper is to consider the attempts that have been made to apply economic theory and empirical methods to the analysis of electricity markets, and to evaluate them in light of theoretical considerations and empirical evidence. We describe the key features of the...
Persistent link: https://www.econbiz.de/10011519038
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Rationalizing the UMTS spectrum bids : the case of the UK auction
Boergers, Tilman; Dustmann, Christian - 2002
This paper considers bidder behaviour in the United Kingdom s UMTS spectrum auction. Evidence is reviewed which shows that some bidders in this auction did not bid straightforwardly in accordance with fixed valuations of the licenses. We go on to consider more speculative hypotheses about...
Persistent link: https://www.econbiz.de/10011409209
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Identification and Estimation of Auction Model with Two-Dimensional Unobserved Heterogeneity
Krasnokutskaya, Elena - 2010
This paper investigates the empirical importance of allowing for multi-dimensional sources of unobserved heterogeneity in auction models with private information. It in turn develops the estimation procedure that recovers the distribution of private information in the presence of two distinct...
Persistent link: https://www.econbiz.de/10013136192
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Auctioning Risk : The All-Pay Auction under Mean-Variance Preferences
Klose, Bettina S. - 2018
We analyse the all-pay auction with incomplete information and variance-averse bidders. We characterise the unique symmetric equilibrium for general distributions of valuations and any number of bidders. Variance aversion is a sufficient assumption to predict that high-valuation bidders increase...
Persistent link: https://www.econbiz.de/10012938629
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Do Traders Learn to Select Efficient Market Institutions?
Alós-Ferrer, Carlos - 2020
When alternative market institutions are available, traders have to decide both where and how much to trade. We …, sellers trade off larger efficiency in a market with dwindling profits for biased-up profits in a market with vanishing … market institution if the distribution of the gains from trade is asymmetric. Trading behavior approaches equilibrium …
Persistent link: https://www.econbiz.de/10012823270
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Frequent Auctions for Intraday Electricity Markets
Graf, Christoph; Kuppelwieser, Thomas; Wozabal, David - 2022
, more reliable, less noisy price signals, and allows for better alignment of market outcomes with the technical realities of … the grid. In an empirical study, we compare the German continuous intraday market with counter-factual outcomes from … price signals contain less noise for the auction market. Furthermore, we critically discuss the suitability of continuous …
Persistent link: https://www.econbiz.de/10013292057
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Rationalizing the Umts Spectrum Bids : The Case of the UK Auction
Borgers, Tilman; Dustmann, Christian - 2021
This paper considers bidder behaviour in the United Kingdom's UMTS spectrum auction. Evidence is reviewed which shows that some bidders in this auction did not bid straightforwardly in accordance with fixed valuations of the licenses. We go on to consider more speculative hypotheses about...
Persistent link: https://www.econbiz.de/10013320601