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Multi-attribute procurement auctions with risk averse suppliers

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  • Liu, Shulin
  • Li, Jun
  • Liu, De
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    Abstract

    We analyze multi-attribute procurement auctions with risk-averse suppliers. As the number of suppliers increases or the suppliers become more risk-averse, the equilibrium bidding price decreases under the first-score auction but remains the same under the second-score auction. A buyer prefers the first-score auction.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0165176511006227
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 115 (2012)
    Issue (Month): 3 ()
    Pages: 408-411

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    Handle: RePEc:eee:ecolet:v:115:y:2012:i:3:p:408-411

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Procurement auctions; Multi-attribute auctions; Risk aversion;

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    References

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    1. Maskin, Eric S & Riley, John G, 1984. "Optimal Auctions with Risk Averse Buyers," Econometrica, Econometric Society, vol. 52(6), pages 1473-1518, November.
    2. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-92, June.
    3. Yeon-Koo Che, 1993. "Design Competition through Multidimensional Auctions," RAND Journal of Economics, The RAND Corporation, vol. 24(4), pages 668-680, Winter.
    4. David P. Baron & David Besanko, 1987. "Monitoring, Moral Hazard, Asymmetric Information, and Risk Sharing in Procurement Contracting," RAND Journal of Economics, The RAND Corporation, vol. 18(4), pages 509-532, Winter.
    5. Holt, Charles A, Jr, 1980. "Competitive Bidding for Contracts under Alternative Auction Procedures," Journal of Political Economy, University of Chicago Press, vol. 88(3), pages 433-45, June.
    6. William Samuelson, 1986. "Bidding for Contracts," Management Science, INFORMS, vol. 32(12), pages 1533-1550, December.
    7. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
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    Cited by:
    1. Jain, Vipul & Panchal, Gajanan B. & Kumar, Sameer, 2014. "Universal supplier selection via multi-dimensional auction mechanisms for two-way competition in oligopoly market of supply chain," Omega, Elsevier, vol. 47(C), pages 127-137.

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