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Knowing me, imagining you : projection and overbidding in auctions
Breitmoser, Yves - 2017
Overbidding in auctions has been attributed to e.g. risk aversion, loser regret, level-k, and cursedness, relying on … psychological phenomenon that naturally applies to auctions. First, I show that type projection generates the main behavioral … varying identifying assumptions. I argue that "type projection" organizes these findings and largely captures observed …
Persistent link: https://www.econbiz.de/10011698267
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Financial bounds for insurance claims
Bernard, Carole; Vanduffel, Steven - In: The journal of risk and insurance : the journal of the … 81 (2014) 1, pp. 27-56
Persistent link: https://www.econbiz.de/10010340238
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Financial Bounds for Insurance Claims
Bernard, Carole - 2012
In this paper insurance claims are priced using an indifference pricing principle. We first revisit the traditional economic framework and then extend it to include the presence of a complete financial market. In this context we derive lower bounds for claims' prices, and these bounds correspond...
Persistent link: https://www.econbiz.de/10013113871
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Financial Bounds for Insurance Claims
Bernard, Carole - 2014
In this paper insurance claims are priced using an indifference pricing principle. We first revisit the traditional economic framework and then extend it to include the presence of a complete financial market. In this context we derive lower bounds for claims' prices, and these bounds correspond...
Persistent link: https://www.econbiz.de/10013067521
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Challenges of electronic reverse auctions in construction industry : a review
Hanák, Tomáš; Marović, Ivan; Jajac, Nikša - In: Economies : open access journal 8 (2020) 1/13, pp. 1-14
The innovation of construction procurement by means of electronic reverse auctions is a controversial subject of … concerning the adoption and use of electronic reverse auctions in the light of specific features of the construction industry. A … on mutual interaction of electronic reverse auctions and long-term effects on construction project outcomes. …
Persistent link: https://www.econbiz.de/10012168678
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Managing project failure risk through contingent contracts in procurement auctions
Chen, Jianqing; Xu, Lizhen; Whinston, Andrew B. - In: Decision analysis : a journal of the Institute for … 7 (2010) 1, pp. 23-39
Persistent link: https://www.econbiz.de/10003951881
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Modeling contractor's project selection and markup decisions influenced by eminence
Shafani, Ali; Haghani, Ali - In: International journal of project management : the … 32 (2014) 8, pp. 1481-1493
Persistent link: https://www.econbiz.de/10010423428
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Managing Project Failure Risk through Contingent Contracts in Procurement Auctions
Chen, Jianqing - 2015
Procurement auctions are sometimes plagued with a chosen supplier's failing to accomplish a project successfully. The … probabilities is huge. We show that, compared to standard auctions, the procurement auctions with contingent contracts can …
Persistent link: https://www.econbiz.de/10013039477
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Procurement with unforeseen contingencies
Herweg, Fabian; Schmidt, Klaus M. - 2017 - This version: October 15, 2017
The procurement of complex projects is often plagued by large cost overruns. One important reason for these additional costs are flaws in the initial design. If the project is procured with a price-only auction, sellers who spotted some of the flaws have no incentive to reveal them early. Each...
Persistent link: https://www.econbiz.de/10011762526
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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