The Impact Of Timing On Bidding Behavior In Procurement Auctions Of Contracts With Private Costs
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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.
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.
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.
Cost Uncertainty And Time Overruns In Public Procurement
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Author : Cesare Dosi
language : en
Publisher:
Release Date :
Cost Uncertainty And Time Overruns In Public Procurement written by Cesare Dosi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Three Essays On Auction Markets
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Author : Nicholas James Shunda
language : en
Publisher:
Release Date : 2008
Three Essays On Auction Markets written by Nicholas James Shunda 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.
Firm Bidding Behavior In Highway Procurement Auctions
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Author : David R. Barrus
language : en
Publisher:
Release Date : 2011
Firm Bidding Behavior In Highway Procurement Auctions written by David R. Barrus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Entry And Bidding In Common And Private Value Auctions With An Unknown Number Of Rivals
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Author : Dakshina G. De Silva
language : en
Publisher:
Release Date : 2009
Entry And Bidding In Common And Private Value Auctions With An Unknown Number Of Rivals 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 2009 with categories.
In many procurement auctions bidders do not know how many rivals they face at the time they incur the cost of preparing their bids. We show in a theoretical model that regardless of whether the procurement is characterized by private or by common values an increase in the potential number of bidders may lead to higher procurement costs. This raises potential policy questions of whether and how entry should be encouraged in public procurement auctions.We use evidence from auctions of construction contracts to estimate the effect of an increase in the pool of potential bidders on entry and auction prices when entry and bidding decisions are made sequentially with no knowledge of the number or identity of the actual competitors.
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%.
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.
Investment Incentives In Procurement Auctions
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Author : Leandro Arozamena
language : en
Publisher:
Release Date : 2001
Investment Incentives In Procurement Auctions written by Leandro Arozamena and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Auctions categories.