This paper investigates the relationship between a dealer’s network and their ability to survive in the market using a dataset of 19th-century English art transactions. We find that dealers who purchased artworks from central sellers, and thus developed high hub centralities, survived in the...

We provide a comparison of bidding behavior between multi-round and single-round auctions considering bid lettings for asphalt construction contracts. Using a reduced-form difference-in-difference approach as well as the nonparametric estimation technique proposed by Racine and Li (2004) we find...

Sustainable development entails meeting our present needs without compromising the ability of future generations to meet their needs. This requires us to treat economic, social and environmental aspects in an integrated way, but little is known about the nature of individual preferences towards...

In many procurement auctions bidders do not know how many rivals they face at the time that they incur the cost of preparing their bids.We show in a theoretical model that regardless of whether the procurement is characterized by private or by common values an increase in the potential number of...

This study draws upon a large national survey of Chinese public cognition and attitude towards climate change and analyze the determinants of consumers' WTP for energy-efficient and environment-friendly products. 85 percent of respondents indicate that they are willing to pay at least 10 percent...

Because of discrete bid increments, bidders at electronic auctions engage in shading instead of revealing their valuations, which would occur under the commonly assumed second-price rule. We demonstrate that misspecifying the pricing rule can lead to biased estimates of the latent valuation...