This article studies scoring auctions, a procedure commonly used to buy differentiated products: suppliers submit offers on all dimensions of the good (price, level of nonmonetary attributes), and these are evaluated using a scoring rule. We provide a systematic analysis of equilibrium behavior in scoring auctions when suppliers' private information is multidimensional (characterization of equilibrium behavior and expected utility equivalence). In addition, we show that scoring auctions dominate several other commonly used procedures for buying differentiated products, including menu auctions, beauty contests, and price-only auctions with minimum quality thresholds. Copyright (c)2008, RAND.
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Elmar Wolfstetter, 2005.
"Procurement of Goods and Services – Scope and Government,"
Discussion Papers
93, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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Müller, Rudolf & Perea, Andrés & Wolf, Sascha, 2007.
"Combinatorial Scoring Auctions,"
Research Memoranda
020, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
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