Owner S Interference In Reverse Auction Bidding To Skew A Free Market
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Owner S Interference In Reverse Auction Bidding To Skew A Free Market
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Author : Sushil Vinay Chaudhari
language : en
Publisher:
Release Date : 2010
Owner S Interference In Reverse Auction Bidding To Skew A Free Market written by Sushil Vinay Chaudhari 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.
Reverse auction bidding is an online auction system. A purchaser's primary objective in using a reverse auction is to obtain the lowest possible bid for goods and services on a construction project. With this type of bidding, it is normal that the purchaser will only consider price, instead of a bidders' work history and experience. As a reverse auction is an online service, the common misperception is that a purchaser can reach a broader market to obtain the lowest possible price. It is a controversial bidding system. No previous research has been undertaken by the Texas A & M University Reverse Auction Bidding study group into potential owner interference with the bidding system for a reverse auction. Six bidders were asked to participate in the Reverse Auction Bidding process for a series of construction projects in Houston. Each participant was also asked to complete a Keirsey Temperament Sorter Test type I and II to determine each participant's personality. After the tests, the six participants competed in an online reverse auction bidding game. The primary objective of this research is to analyze the impact of an owner's interference in a reverse auction bidding scenario. In this test, one of the six bidders acted as the owner's surrogate to interfere with an ethical process and reduce the owner's costs. The other five bidders were unaware of the surrogate's role in the bidding. The primary directive given to the surrogate bidder was to drive down the cost of the projects. The results for the research study show that the owner's surrogate can affect the bidding process. Interference results in reduced returns for the bidders when compared to an uncompromised bidding scenario. It is clear that the method used is unethical.
Reverse Auction Bidding Multiple Group Study
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Author : Xun Zhou
language : en
Publisher:
Release Date : 2012
Reverse Auction Bidding Multiple Group Study written by Xun Zhou 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.
Reverse Auction Bidding is a recently developed auction method. In this form of bidding process, the roles of the bidders and the owner are interchanged in terms of the form of the economic transaction. The owner's objective is to drive the unit rates down and the bidder's objective is to maintain an acceptable profit level. A study into Reverse Auction Bidding commenced at Texas A & M University in 2004 and continues to this time, with this the eighteenth study in the series. This study is the second multi-group study in the research. In this study, a multiple group comparison was made between different numbers of bidders, with Games One, Two and Three having three, four and ten bidders respectively. All participants were faculty and students from the Department of Construction Science. The critical requirement for the participants is that they should have no prior experience using the Reverse Auction Bidding system. The eighteen studies have concentrated on new players, with future studies planned for repeat participants. A number of the recent case studies have shown personality has an impact on the performance of the bidders. However, this work was not controlled for personality, as the research objective was to determine the impact of a different number of bidders in a game. The Keirsey Temperament Sorter test was completed by all participants so that the results could be understood in terms of personality impact on the level of return to each participant. The results showed the number of bidders has a significant impact on the individual returns confirming the earlier work on varying the number of bidders. An increase in the number of bidders was shown to lead to a more competitive economic environment, which given usual economic circumstances lead to a reduction in the number of firms interested in bidding, for the self-evident economic reasons. This work points to the need to investigate a bidding group size of five or six, which is likely to be the self-constrained upper limit in a real economic system. Some interesting observations on the personality types suggest that further work is required in this area.
Central Bank Emergency Support To Securities Markets
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Author : Darryl King
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-10
Central Bank Emergency Support To Securities Markets written by Darryl King 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 2017-07-10 with Business & Economics categories.
This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for its use. Importantly, it should be used only as part of a comprehensive policy package. The paper considers what types of securities markets may be important for financial stability, what market conditions could trigger emergency support measures, and how programs can be designed to restore market functioning while minimizing moral hazard.
Fcc Record
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Author : United States. Federal Communications Commission
language : en
Publisher:
Release Date : 2013
Fcc Record written by United States. Federal Communications Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Telecommunication categories.
A Primer On Managing Sovereign Debt Portfolio Risks
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Author : Thordur Jonasson
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-06
A Primer On Managing Sovereign Debt Portfolio Risks written by Thordur Jonasson 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 2018-04-06 with Business & Economics categories.
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Reinventing The Bazaar A Natural History Of Markets
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Author : John McMillan
language : en
Publisher: W. W. Norton & Company
Release Date : 2003-11-17
Reinventing The Bazaar A Natural History Of Markets written by John McMillan and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-17 with Business & Economics categories.
Clear, insightful, and nondogmatic, this book gives us a new appreciation for one of our most ubiquitous institutions. From the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-Communist economies, markets have suddenly become quite visible. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?" Taking us on a lively tour of a world we once took for granted, John McMillan offers examples ranging from a camel trading fair in India to the $20 million per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, he shows us that markets are neither magical nor immoral. Rather, they are powerful if imperfect tools, the best we've found for improving our living standards. A New York Times Notable Book.
The Role Of Reverse Auctions In Strategic Sourcing
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Author :
language : en
Publisher: W.P. Carey School of Business
Release Date : 2003-01-01
The Role Of Reverse Auctions In Strategic Sourcing written by and has been published by W.P. Carey School of Business this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-01 with Electronic commerce categories.
Handbook Of Industrial Organization
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Author : Kate Ho
language : en
Publisher: Elsevier
Release Date : 2021-12-09
Handbook Of Industrial Organization written by Kate Ho and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-09 with Business & Economics categories.
Handbook of Industrial Organization Volume 4 highlights new advances in the field, with this new volume presenting interesting chapters. Each chapter is written by an international board of authors. Part of the renowned Handbooks in Economics series Chapters are contributed by some of the leading experts in their fields A source, reference and teaching supplement for industrial organizations or industrial economists
Bureaucrats In Business
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Author :
language : en
Publisher: World Bank Publications
Release Date : 1995
Bureaucrats In Business written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
Refer review of this policy book in 'Journal of International Development, vol. 10, 7, 1998. pp.841-855.
An Engine Not A Camera
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Author : Donald MacKenzie
language : en
Publisher: MIT Press
Release Date : 2008-08-29
An Engine Not A Camera written by Donald MacKenzie and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-29 with Technology & Engineering categories.
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.