The Effect Of Information On The Bidding And Survival Of Entrants In Procurement Auctions
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The Effect Of Information On The Bidding And Survival Of Entrants In Procurement Auctions
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Author : Dakshina G. De Silva
language : en
Publisher:
Release Date : 2008
The Effect Of Information On The Bidding And Survival Of Entrants In Procurement Auctions 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 2008 with categories.
In government procurement auctions of construction contracts, entrants are typically less informed and bid more aggressively than incumbent firms. This bidding behavior makes them more susceptible to losses affecting their prospect of survival. In April of 2000, the Oklahoma Department of Transportation started releasing the internal cost estimates to complete highway construction projects. Using newly developed quantile regression approaches, this paper examines the impact of the policy change on aggressive entrants. First, we find that the information release eliminates the bidding differential between entrants and incumbents attributed to informational asymmetries. Second, we argue that the policy change affects the prospects of survival of entrants in the market. We find that those who used to exit the market relatively soon are now staying 37 percent longer, while at the median level bidding duration increased by roughly 68 percent. The policy has the potential to encourage entry in government procurement auctions and thus increase competition.
Effect Of Entrant And Incumbent Bidding On Public Procurement Efficiency
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Author : Bedri Kamil Onur Tas
language : en
Publisher:
Release Date : 2017
Effect Of Entrant And Incumbent Bidding On Public Procurement Efficiency written by Bedri Kamil Onur Tas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We empirically investigate the effect of entrants and incumbents on the efficiency of public procurement auctions. We use a unique data set that covers all Turkish public procurement auctions for the years 2004 to 2010. We find that procurement prices of auctions won by entrants are significantly lower. The survival analysis of entrants show that more than half of the entrants cannot survive in the public procurement market and cannot win more than one auction. The average number of wins by incumbent firms is ten compared to three by entrant firms.
Best Practices For Online Procurement Auctions
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Author : Parente, Diane H.
language : en
Publisher: IGI Global
Release Date : 2007-12-31
Best Practices For Online Procurement Auctions written by Parente, Diane H. and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-31 with Education categories.
Offers a systematic approach to the examination of online procurement auctions. Growth in online auctions reinforces the need for understanding the factors important in auctions and the caveats that both researchers and practitioners need to know in order to effectively study and use the auction tool.
The Economics Of Public Private Partnerships
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Author : Stéphane Saussier
language : en
Publisher: Springer
Release Date : 2018-01-03
The Economics Of Public Private Partnerships written by Stéphane Saussier and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-03 with Business & Economics categories.
This book investigates the economic decisions behind the implementation of public-private partnerships (PPPs). The first part of the book discusses different forms of public procurement contracts, in particular in France and the UK, and provides an economic analysis of the potential advantages and pitfalls of public-private partnerships. This exploration of PPPs’ efficiency also includes an examination of the financing conditions of public procurements, as well as regulatory requirements. By reviewing empirical studies on PPPs, the second part of the book compares their advantages over purely public solutions and offers practical guidance on their implementation. Practitioners will also learn best practices on how to involve stakeholders in calls for bids.
Handbook Of Industrial Organization
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Author :
language : en
Publisher: Elsevier
Release Date : 2021-12-09
Handbook Of Industrial Organization written by 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
Procurement Auctions With Entry And Uncertain Number Of Actual Bidders
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Author : Xiaoyong Zheng
language : en
Publisher:
Release Date : 2005
Procurement Auctions With Entry And Uncertain Number Of Actual Bidders written by Xiaoyong Zheng 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.
Entry And Competition Effects In First Price Auctions
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Author : Tong Li
language : en
Publisher:
Release Date : 2006
Entry And Competition Effects In First Price Auctions written by Tong Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Motivated by several interesting features of the highway mowing auction data from Texas Department of Transportation (TDoT), we propose a two-stage procurement auction model with endogenous entry and uncertain number of actual bidders. Our entry and bidding models pro vide several interesting implications. For the first time, we show that even within an independent private value paradigm, as the number of potential bidders increases, bidders equilibrium bidding behavior may become less aggressive because the entry effect is always positive and may dominate the negative competition effect. We also show that it is possible that the relationship between the expected winning bid and the number of potential bidders is non-monotone decreasing as well. We then develop an empirical model of entry and bidding controlling for unobserved auction heterogeneity to analyze the data. The structural estimates are used to quantify the entry effect and the competition effect with regard to the individual bids and the procurement cost, as well as the savings for the government with regard to the procurement cost when the entry cost is reduced.
Empirical Analyses Of Online Procurement Auctions Business Value Bidding Behavior Learning And Incumbent Effect
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Author : Fang Zhong
language : en
Publisher:
Release Date : 2007
Empirical Analyses Of Online Procurement Auctions Business Value Bidding Behavior Learning And Incumbent Effect written by Fang Zhong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Auctions categories.
While there is an ever increasing adoption of e-sourcing, where a buyer auctions off procurement contracts to a small group of pre-qualified suppliers, there is a lack of understanding of the impact of dynamic bidding process on procurement outcomes and bidding behavior. To extend the knowledge of this important issue, in this thesis, we explore empirically the value of online procurement auction on cost reduction, quality management, and winner selection from the buyer's perspective. We also explore how incumbent status affects the procurement outcomes. From suppliers' perspective, we characterize their bidding behavior and examine the effect of incumbent status on bidding. First, we collect detailed auction and contract awarding data for manufacturing goods during 2002-2004 from a large buyer in the high-tech industry. The rich data set enables us to apply statistical model based cluster technique to uncover heterogeneous bidding behavior of industry participants. The distribution of the bidding patterns varies between incumbent and non-incumbent suppliers. We also find that the buyer bias towards the incumbent suppliers by awarding them procurement contracts more often and with a price premium. Next, focusing on recurring auctions, we find that suppliers bid adaptively. The adaptive bidding is affected by the rank of suppliers' final bids. Finally, with field data of procurement auction for legal services, we demonstrate that service prices are on average reduced after dynamic bidding events. Most interestingly, the cost savings are achieved without the sacrifice of quality. Incumbent winners' quality is higher, on average, than the quality of buyer's supplier base before the auctions, while non-incumbent winner's quality is lower. These findings imply that the main value of online procurement auctions for business services comes from incumbents in the form of reduced price and enhanced quality. We find that after adjusting for incumbents' higher quality, incumbent bias disappears. Our results also imply that the buyer might possess important information about the incumbents, through past experiences, that cannot be easily included in the buyer's scoring function due to uncodifiability.
Economic Analysis And Infrastructure Investment
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Author : Edward L. Glaeser
language : en
Publisher: University of Chicago Press
Release Date : 2021-11-11
Economic Analysis And Infrastructure Investment written by Edward L. Glaeser and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-11 with Business & Economics categories.
Policy makers often call for increased spending on infrastructure, which can encompass a broad range of investments, from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to the near-term macroeconomic benefits, such as job creation, associated with infrastructure spending; others point to the long-term effects of such spending on productivity and economic growth. Economic Analysis and Infrastructure Investment explores the links between infrastructure investment and economic outcomes, analyzing key economic issues in the funding and management of infrastructure projects. It includes new research on the short-run stimulus effects of infrastructure spending, develops new estimates of the stock of US infrastructure capital, and explores incentive aspects of public-private partnerships with particular attention to their allocation of risk. The volume provides a reference for researchers seeking to study infrastructure issues and for policymakers tasked with determining the appropriate level and allocation of infrastructure spending.
Essays In Honor Of Jerry Hausman
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Author : Badi H. Baltagi
language : en
Publisher: Emerald Group Publishing
Release Date : 2012-12-17
Essays In Honor Of Jerry Hausman written by Badi H. Baltagi and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-17 with Business & Economics categories.
Aims to annually publish original scholarly econometrics papers on designated topics with the intention of expanding the use of developed and emerging econometric techniques by disseminating ideas on the theory and practice of econometrics throughout the empirical economic, business and social science literature.