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Auctions for Public Construction with Corner-cutting

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Author Info
Kenju Akai
Tatsuyoshi Saijo
Shigehiro Serizawa

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Abstract

This paper reports the theoretical and experimental results of auctions for public construction in which firms cut corners. We show that winning bids and qualities of the constructed buildings are both zero in equilibria if there are at least two firms whose initial cash balances are zero. The experimental results support that firms with zeroinitial cash balance win and that the winning bids and the qualities of the constructed buildings are considerably low.

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Publisher Info
Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0740.

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Date of creation: May 2009
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Handle: RePEc:dpr:wpaper:0740

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References listed on IDEAS
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  1. Dufwenberg, Martin & Gneezy, Uri, 2002. "Information disclosure in auctions: an experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 48(4), pages 431-444, August. [Downloadable!] (restricted)
  2. Plott, Charles R. & Salmon, Timothy C., 2004. "The simultaneous, ascending auction: dynamics of price adjustment in experiments and in the UK3G spectrum auction," Journal of Economic Behavior & Organization, Elsevier, vol. 53(3), pages 353-383, March. [Downloadable!] (restricted)
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  3. Coursey, Don L & Smith, Vernon L, 1983. "Price Controls in a Posted Offer Market," American Economic Review, American Economic Association, vol. 73(1), pages 218-21, March. [Downloadable!] (restricted)
  4. Aleix Calveras & Juan-Jose Ganuza & Esther Hauk, 2004. "Wild Bids. Gambling for Resurrection in Procurement Contracts," Journal of Regulatory Economics, Springer, vol. 26(1), pages 41-68, 07. [Downloadable!]
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  5. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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