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We investigate the possibility of enhancing efficiency by awarding premiums to a set of highest bidders in an English auction - in a setting that extends Maskin and Riley (1984, Econometrica 52: 1473-1518) in three aspects: (i) the seller can be risk averse, (ii) the bidders can have...
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The usual analysis of bidding in first-price auctions assumes that bidders know the distribution of valuations. We … analyze first-price auctions in which bidders do not know the precise distribution of their competitors' valuations, but only …
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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 …
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