procurement auction formats can take advantage of bidders' willingness-to-pay-willingness-to-accept disparity. In a laboratory … experiment, we compare four different second-price auction formats for procuring a good. The four formats are a sealed …-bid auction and three di erent descending-clock auctions. We assume that a bidder's willingness-to-accept exceeds his willingness …

-price auction ; Experiment ; Abnormally low tender ; Endogenous minimum price … procurements. Any bid less than the endogenous minimum price is referred to as abnormally low and is excluded from the procurement … first-price auction which do not have any minimum price. We find that winning prices of this new institution (i) coincide …