approach of the supplier, but the best approach is unknown. Diversity of approaches is desirable because it generates an option … a low bid and a high bid. This allows the buyer to implement any level of diversity with the lowest revenue for the …, auctions implement the socially optimal diversity, but usually with higher rents for the suppliers. Fixed-prize tournaments …

approach of the supplier, but the best approach is unknown. Diversity of approaches is beneficial because of the resulting … option value. An auction induces the social optimum, while a fixed-prize tournament induces insufficient diversity. The … prizes. This allows the buyer to implement any level of diversity at the lowest cost. …

The structural diversity of the German banking market and the associated variety of business models is thought to have … been an important factor in the stability of the German banking market in recent decades. This diversity is manifested both …