Procurement Auctions with Entry of Bidders
In procurement auctions with a fixed number of bidders there is a tradeoff between cost efficiency and rent extraction. An optimal mechanism, therefore, entails distortions of effort. If potential suppliers must sink an entry investment before they can participate in the auction, then decreasing the firms' rent may imply reduced entry.
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|Date of creation:||2000|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, University of Bergen Fosswinckels Gate 6. N-5007 Bergen, Norway|
Web page: http://www.uib.no/econ/
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- Samuelson, William F., 1985. "Competitive bidding with entry costs," Economics Letters, Elsevier, vol. 17(1-2), pages 53-57.
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"Investors Facing Opportunistic Governments: Is it Really Good to "Know the Market" Before Investing?,"
Norway; Department of Economics, University of Bergen
201, Department of Economics, University of Bergen.
- Erbenova, Michaela & Vagstad, Steinar, 1999. " Investors Facing Opportunistic Governments: Is It Really Good to "Know the Market" before Investing?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(3), pages 459-75, September.
- Laffont, Jean-Jacques & Tirole, Jean, 1987.
"Auctioning Incentive Contracts,"
Journal of Political Economy,
University of Chicago Press, vol. 95(5), pages 921-37, October.
- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
- Burguet, Roberto & Sakovics, Jozsef, 1996. "Reserve Prices without Commitment," Games and Economic Behavior, Elsevier, vol. 15(2), pages 149-164, August.
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