On The Timing Of Auctions
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On The Timing Of Auctions
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Author : Alex Arsenault Morin
language : en
Publisher:
Release Date : 2022
On The Timing Of Auctions written by Alex Arsenault Morin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This paper empirically explores how varying the timing of a sequence of auctions affects both bidder behavior and the welfare of procurers and bidders. We develop a structural auction model with endogenous participation in which bidding may be either simultaneous or sequential, and bidders may perceive auctioned objects as either complements or substitutes. We then apply this model to data on auctions for roof-maintenance projects in Montreal. We show that complementarities can account for as high as 17% of the total size of a contract combination. Finally, we develop an algorithm to search a schedule of auctions and show that the total cost of projects can be reduced by more than 8%.
Timing Of Auctions Of Real Options
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Author : Lin William Cong
language : en
Publisher:
Release Date : 2019
Timing Of Auctions Of Real Options written by Lin William Cong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper endogenizes auction timing and initiation in auctions of real options. Because bidders have information rent, a seller faces a "virtual strike price" higher than the actual exercise cost. She inefficiently delays the auction to encourage bidder participation and utilizes the irreversible nature of time to gain partial control over option exercises. The seller's private benefit at option exercise may restore efficient auction timing, but option exercises are always inefficiently late. When she lacks commitment to auction timing, bidders always initiate in equilibrium, resulting in earlier option exercise and higher welfare than auctions proscribing bidder initiation. Overall, auction timing modifies the distribution of the bidder valuations and has important impact on bidding strategies, auction design, and real outcomes.
The Timing Of Bids In Internet Auctions
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Author : Axel Ockenfels
language : en
Publisher:
Release Date : 2001
The Timing Of Bids In Internet Auctions written by Axel Ockenfels and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Economic Announcements And The Timing Of Public Debt Auctions
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Author : Mr.Marco Rossi
language : en
Publisher: International Monetary Fund
Release Date : 1998-04-01
Economic Announcements And The Timing Of Public Debt Auctions written by Mr.Marco Rossi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-04-01 with Business & Economics categories.
Most treasuries around the world sell their securities at auctions either directly or indirectly through an agent, usually the central bank. Although they can control both the rules and the timing of the auction, they may not be able to control the information and valuations of bidders. The purpose of this paper is to identify those economic indicators whose announcement is likely to have a significant impact on government securities prices and, hence, on bidders’ behavior at auctions of government securities. This information could be used to schedule treasury securities auctions so as to minimize public debt management costs.
The Impact Of Timing On Bidding Behavior In Procurement Auctions Of Contracts With Private Costs
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Author :
language : en
Publisher:
Release Date : 2012
The Impact Of Timing On Bidding Behavior In Procurement Auctions Of Contracts With Private Costs written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Flexible Estimation Of Demand Schedules And Revenue Under Different Auction Formats
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Author : Robert A. Feldman
language : en
Publisher:
Release Date : 1995
Flexible Estimation Of Demand Schedules And Revenue Under Different Auction Formats written by Robert A. Feldman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Auctions categories.
Time Is Money
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Author : Elena Katok
language : en
Publisher:
Release Date : 2005
Time Is Money written by Elena Katok and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
This study examines the role of timing in auctions under the premise that time is a valuable resource. When one object is for sale, Dutch and first-price sealed bid auctions are strategically equivalent in standard models, and therefore, they should yield the same revenue for the auctioneer. We study Dutch and first-price sealed bid auctions in the laboratory, with a specific emphasis on the speed of the clock in the Dutch auction. At fast clock speeds revenue in the Dutch auction is significantly lower than the sealed bid auction. When the clock is sufficiently slow, however, revenue in the Dutch auction is greater than the revenue in the sealed bid auction. We develop and test a simple model of auctions with impatient bidders that helps to reconcile prior findings in both the laboratory and the field.
Auction Timing And Market Thickness
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Author : Isaias N. Chaves
language : en
Publisher:
Release Date : 2019
Auction Timing And Market Thickness written by Isaias N. Chaves and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
An auctioneer faces a pool of potential bidders that changes over time. She can delay the auction at a cost, in the hopes of having a thicker market later on. We identify a property of the distribution of bidder values--its “price elasticity”--that governs the distortions caused by revenue maximization: a seller inefficiently over-invests in market thickness (delays the auction excessively) if that elasticity is increasing, and under-invests if it is decreasing. We also show that dynamically responding to changes in the bidder pool is essential: committing to delay until an optimal deadline can waste most of the achievable revenue.
Putting Auction Theory To Work
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Author : Paul Milgrom
language : en
Publisher: Cambridge University Press
Release Date : 2004-01-12
Putting Auction Theory To Work written by Paul Milgrom and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-12 with Business & Economics categories.
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
The Impact Of Timing On Bidding Behavior In Procurement Auctions Of Contracts With Private Costs
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Author : Dakshina G. De Silva
language : en
Publisher:
Release Date : 2010
The Impact Of Timing On Bidding Behavior In Procurement Auctions Of Contracts With Private Costs written by Dakshina G. De Silva and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
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 that, bidding is more aggressive in a sequential multi-round setting than in a simultaneous single-round format. We explore potential causes for the bidding difference across formats related to synergies and level of bidder participation.