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Industry concentration in common value auctions: theory and evidence

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  • Vlad Mares

  • Mikhael Shor

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  • Vlad Mares & Mikhael Shor, 2008. "Industry concentration in common value auctions: theory and evidence," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 35(1), pages 37-56, April.
    • Handle: RePEc:spr:joecth:v:35:y:2008:i:1:p:37-56
    DOI: 10.1007/s00199-007-0223-x
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    1. Mullin, Charles H. & Reiley, David H., 2006. "Recombinant estimation for normal-form games, with applications to auctions and bargaining," Games and Economic Behavior, Elsevier, vol. 54(1), pages 159-182, January.
    2. Hendricks, Kenneth & Porter, Robert H, 1992. "Joint Bidding in Federal OCS Auctions," American Economic Review, American Economic Association, vol. 82(2), pages 506-511, May.
    3. Milgrom, Paul R, 1981. "Rational Expectations, Information Acquisition, and Competitive Bidding," Econometrica, Econometric Society, vol. 49(4), pages 921-943, June.
    4. Harford, Jarrad, 2005. "What drives merger waves?," Journal of Financial Economics, Elsevier, vol. 77(3), pages 529-560, September.
    5. Han Hong & Matthew Shum, 2002. "Increasing Competition and the Winner's Curse: Evidence from Procurement," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(4), pages 871-898.
    6. Boyan Jovanovic & Peter L. Rousseau, 2002. "The Q-Theory of Mergers," American Economic Review, American Economic Association, vol. 92(2), pages 198-204, May.
    7. Waehrer, Keith & Perry, Martin K, 2003. "The Effects of Mergers in Open-Auction Markets," RAND Journal of Economics, The RAND Corporation, vol. 34(2), pages 287-304, Summer.
    8. Larry M. DeBrock & James L. Smith, 1983. "Joint Bidding, Information Pooling, and the Performance of Petroleum Lease Auctions," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 395-404, Autumn.
    9. Theo Offerman, 2002. "Efficiency in Auctions with Private and Common Values: An Experimental Study," American Economic Review, American Economic Association, vol. 92(3), pages 625-643, June.
    10. Mark Bagnoli & Ted Bergstrom, 2006. "Log-concave probability and its applications," Studies in Economic Theory, in: Charalambos D. Aliprantis & Rosa L. Matzkin & Daniel L. McFadden & James C. Moore & Nicholas C. Yann (ed.), Rationality and Equilibrium, pages 217-241, Springer.
    11. Sandro Brusco & Giuseppe Lopomo & David T. Robinson & S. Viswanathan, 2007. "Efficient Mechanisms For Mergers And Acquisitions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(3), pages 995-1035, August.
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    Citations

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    Cited by:

    1. Brocas, Isabelle & Carrillo, Juan D. & Castro, Manuel, 2017. "Second-price common value auctions with uncertainty, private and public information: Experimental evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 67(C), pages 28-40.
    2. Loyola, Gino, 2008. "On bidding markets: the role of competition," UC3M Working papers. Economics we083318, Universidad Carlos III de Madrid. Departamento de Economía.
    3. Vlad Mares & Mikhael Shor, 2013. "Information concentration in common value environments," Review of Economic Design, Springer;Society for Economic Design, vol. 17(3), pages 183-203, September.
    4. Joel O. Wooten & Joan M. Donohue & Timothy D. Fry & Kathleen M. Whitcomb, 2020. "To Thine Own Self Be True: Asymmetric Information in Procurement Auctions," Production and Operations Management, Production and Operations Management Society, vol. 29(7), pages 1679-1701, July.
    5. Lorentziadis, Panos L., 2016. "Optimal bidding in auctions from a game theory perspective," European Journal of Operational Research, Elsevier, vol. 248(2), pages 347-371.
    6. Carrillo, Juan & Brocas, Isabelle & Castro, Manuel, 2010. "The nature of information and its effect on bidding behavior: laboratory evidence in a common value auction," CEPR Discussion Papers 7848, C.E.P.R. Discussion Papers.
    7. Forges, Françoise & Orzach, Ram, 2011. "Core-stable rings in second price auctions with common values," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 760-767.
    8. Ken Hendricks & Robert Porter & Guofu Tan, 2008. "Bidding rings and the winner's curse," RAND Journal of Economics, RAND Corporation, vol. 39(4), pages 1018-1041, December.
    9. Sander Onderstal, 2020. "Premium auctions in the field," Review of Economic Design, Springer;Society for Economic Design, vol. 24(1), pages 39-63, June.
    10. Marquez, Robert & Singh, Rajdeep, 2013. "The economics of club bidding and value creation," Journal of Financial Economics, Elsevier, vol. 108(2), pages 493-505.
    11. Paul Klemperer, 2007. "Bidding Markets," Journal of Competition Law and Economics, Oxford University Press, vol. 3(1), pages 1-47.
    12. Antonio Estache & Atsushi Iimi, 2009. "Joint Bidding, Governance And Public Procurement Costs:A Case Of Road Projects," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 80(3), pages 393-429, September.
    13. Karl Hackenbrack & Mikhael Shor, 2012. "Auditor Preference," Working papers 2012-20, University of Connecticut, Department of Economics.
    14. Mares Vlad & Shor Mikhael, 2012. "On the Competitive Effects of Bidding Syndicates," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 12(1), pages 1-33, September.
    15. Maxim Ivanov, 2013. "Information revelation in competitive markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 337-365, January.
    16. Brocas, Isabelle & Carrillo, Juan D. & Castro, Manuel, 2015. "The nature of information and its effect on bidding behavior: Laboratory evidence in a first price common value auction," Journal of Economic Behavior & Organization, Elsevier, vol. 109(C), pages 26-40.
    17. Gino Loyola, 2021. "Effects of competition in first-price auctions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(4), pages 1527-1567, June.

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    Keywords

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    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior

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