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Option Values in Sequential Markets

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Author Info

  • von der Fehr, N.-H. M.
  • Riis, C.

Abstract

We consider competitive behaviour in sequential markets when current success or failure may affect the probability of future market opportunities. The analysis is conducted in a set up which may be interpreted as two private-value, sealed-bid, second-price sequential auctions. We demonstrate that whether agents price higher or lower than in the corresponding static context depends on the relative magnitudes of the 'winner's option value' and the 'loser's option value' of participating in the later market.

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File URL: https://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/1998/Memo-07-1998.pdf
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Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 07/1998.

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Length: 28 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:hhs:osloec:1998_007

Contact details of provider:
Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Email:
Web page: http://www.oekonomi.uio.no/indexe.html
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Keywords: AUCTIONS;

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Cited by:
  1. Leandro Arozamena & Estelle Cantillon, 2004. "Investment incentives in procurement auctions," ULB Institutional Repository 2013/9005, ULB -- Universite Libre de Bruxelles.
  2. Veronika Grimm, 2006. "Sequential versus Bundle Auctions for Recurring Procurement," Working Paper Series in Economics 27, University of Cologne, Department of Economics.
  3. Thomas D. Jeitschko & Elmar Wolfstetter, 2002. "Scale Economies and the Dynamics of Recurring Auctions," Economic Inquiry, Western Economic Association International, vol. 40(3), pages 403-414, July.
  4. Reiss, J. Philipp & Schöndube Jens Robert, 2007. "First-Price Equilibrium and Revenue Equivalence in a Sequential Procurement Auction Model," Research Memorandum 003, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  5. Das Varma, Gopal, 2003. "Bidding for a process innovation under alternative modes of competition," International Journal of Industrial Organization, Elsevier, vol. 21(1), pages 15-37, January.

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