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Comparing competition and collusion: a numerical approach

  • Patrick Bajari

    ()

    (Department of Economics, Stanford University, Stanford, CA 94305-6072, USA)

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    Collusion is a serious problem in many procurement auctions. In this research, I study a model of first price sealed bid procurement auctions with asymmetric bidders. I demonstrate that the equilibrium to the model is unique and describe three algorithms that can be used to compute the inverse equilibrium bid functions. I then use the computational algorithms to compare competitive and collusive bidding. The algorithms are useful for structural estimation of auction models and for assessing the damages from bid-rigging.

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    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 18 (2001)
    Issue (Month): 1 ()
    Pages: 187-205

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    Handle: RePEc:spr:joecth:v:18:y:2001:i:1:p:187-205
    Note: Received: January 14, 2000; revised version: February 28, 2001
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