This paper examines the newly designed electricity auctions in Brazil. Firstly we describe the auction mechanism that is currently used to allocate contracts between generators and distributors. Secondly, we report the auction results. Finally, the paper concludes with some of the lessons drawn...

This study investigates the determinants of the great difference between winning bids and reserve prices in the transmission electricity sector in Brazil between 1999- 2010, through an econometric approach based on Heckman (1979) that considers the heterogeneous among the winner's and loser's...

This study investigates the determinants of the great difference between winning bids and reserve prices in the transmission electricity sector in Brazil between 1999- 2010, through an econometric approach based on Heckman (1979) that considers the heterogeneous among the winner's and loser’s...

Due to computing and communication facilities, formal procedures, often referred to as ‘algorithms', are now extensively used in public, economic and social areas. These procedures, currently at the forefront of criticisms, share some features with mechanisms as defined by economists,...

Global literature reports positive initial return in IPOs, or “money left on the table” by the issuing companies. One possible cause is that when the underwriter perceives high demand, she adjusts upward the offer price, but not the full fair price. This partial adjustment creates positive...

Electronic reverse auctions are the most used competitive method for procurement of goods and non-consulting services by the Federal Government of Brazil. These auctions are closed randomly, which perfectly satisfies fairness considerations but may be suboptimal from an efficiency perspective....

Apesar da recente retração da economia brasileira, o mercado de arte mantém, há alguns anos, sua expansão, tanto no que se refere à produção, quanto ao volume de negócios, bem como pelo crescente interesse do grande público, como mostram os números recentes de visitações de...