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Bidder behavior in repo auctions without minimum bid rate : evidence from the Bundesbank
Linzert, Tobias; Nautz, Dieter; Breitung, Jörg - 2003
A distinguishing feature of the ECB's monetary policy setup is the preannouncement of a minimum bid rate in its weekly repo auctions. However, whenever interest rates are expected to decline, the minimum bid rate is viewed as too high and banks refrain from bidding, severely impeding the ECB's...
Persistent link: https://www.econbiz.de/10011432155
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The unique-lowest sealed-bid auction
Houba, Harold; Laan, Dinard van der; Veldhuizen, Dirk - 2008
-bidders' auction is similar to the Hawk-Dove game, which motivates to study symmetric NEs: Properties and comparative statics are …
Persistent link: https://www.econbiz.de/10011374396
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Do auctions and forced divestitures increase competition?
Soetevent, Adriaan R.; Haan, Marco; Heijnen, Pim - 2011
Where markets are insufficiently competitive, governments can intervene by auctioninglicenses to operate or by forcing divestitures. The Dutch government has doneexactly that, organizing auctions to redistribute tenancy rights for highway gasolinestations and forcing the divestiture of outlets...
Persistent link: https://www.econbiz.de/10011377389
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Auctions with numerous bidders
Caserta, Silvia; Vries, Casper G. de - 2005
bidders, the expected revenue and the optimal bid function in a first price auction result in complicated expressions, except …
Persistent link: https://www.econbiz.de/10011343281
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Auctions, market prices and the risk attitude effect
Janssen, Maarten C. W.; Karamychev, Vladimir A. - 2005
firms' risk attitudes and the fact that future market prof-its are uncertain so that winning an auction is like winning a …
Persistent link: https://www.econbiz.de/10011343288
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Do pay-as-bid auctions favor collusion? : evidence from Germany’s market for reserve power
Heim, Sven; Goetz, Georg - 2013
We analyze a drastic price increase in the German auction market for reserve power, which did not appear to be driven … back to an abuse of the auction’s pay-as-bid mechanism by the two largest firms. In contrast to theoretical findings, we …
Persistent link: https://www.econbiz.de/10009751726
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Auctioning vs. grandfathering in cap-and-trade systems with market power and incomplete information
Alvarez González, Francisco; Jarque Andrés, Francisco - 2013
-unit, multi-bid uniform auction, modelled as a Bayesian game of incomplete information. At the auction each firm anticipates his … as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it … would occur in simpler auction models. Auctioning tends to be more cost-effective than grandfathering when the firms' costs …
Persistent link: https://www.econbiz.de/10010226080
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Complements and substitutes in sequential auctions : the case of water auctions
Donna, Javier; Espin-Sanchez, Jose-Antonio - 2013 - First version: December 10, 2010, This version: December 6, 2013
English auction model determines the estimating structural equations. When units are complements, one bidder wins all units by …
Persistent link: https://www.econbiz.de/10010233151
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Optimal bid disclosure in license auctions with downstream interaction
Fan, Cuihong; Chŏn, Pyŏng-hŏn; Wolfstetter, Elmar - 2014
The literature on license auctions for process innovations in oligopoly assumed that the auctioneer reveals the winning bid and stressed that this gives firms an incentive to signal strength through their bids, to the benefit of the innovator. In the present paper we examine whether revealing...
Persistent link: https://www.econbiz.de/10010378352
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Auctions vs. negotiations : the case of favoritism ; conference paper
Gretschko, Vitali; Wambach, Achim - 2013
an intransparent negotiation yields a higher buyer surplus than a transparent auction for a range of parameters. In …
Persistent link: https://www.econbiz.de/10010342227