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We consider auction games where, prior to the auction, bidders spend resources to increase their valuations. The market game is solved by solving an equivalent auxiliary social choice problem. We show that standard auctions are fully efficient, whereas reserve price requirements entail a double...
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In public procur ement a temporal separation between award and actual contract allows private entrepreneurs who did not get the award to sue to become contractor. Hence, not only the award-winning entrepreneur, but also the losers will engage in relationship-specific investments. Unfortunately,...
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We analyze wartime prosthetic device patents to investigate how demand and procurement policy can shape medical … more cost-conscious procurement model during the Civil War. Third, we find that inventors emphasized dimensions of product … historical record, across wars. We conclude that procurement environments can significantly shape the scientific problems with …
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