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Auctions with Endogenous Price Ceiling:Theoretical and Experimental Results

  • RLobert F. Vesztegy, Serizawa
  • Kenju Akai
  • Tatsuyoshi Saijo
  • Shigehiro Serizawa

This paper analyzes an auction mechanism that excludes overoptimistic bidders inspired by the rules of the procurement auctions adopted by several Japanese local governments. Our theoretical and experimental results suggest that the endogenous exclusion rule reduces the probability of suffering a monetary loss induced by winning the auction, and also mitigates the problem of the winnerfs curse in the laboratory. However, this protection comes at the price of a lower revenue for the seller.

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Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0747.

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Date of creation: Jun 2009
Date of revision:
Handle: RePEc:dpr:wpaper:0747
Contact details of provider: Postal: 6-1 Mihogaoka, Ibaraki, Osaka 567-0047
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  1. Abbink, Klaus & Brandts, Jordi & Pezanis-Christou, Paul, 2006. "Auctions for government securities: A laboratory comparison of uniform, discriminatory and Spanish designs," Journal of Economic Behavior & Organization, Elsevier, vol. 61(2), pages 284-303, October.
  2. 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.
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