The practice of the auction theory: The Colombian case
In the world the use of auctions has shown two important trends: 1. their use has been extended to a greater number of countries and sectors, 2. the set of objects auctioned has increased exponentially. Colombia is not an exception. The number of auctions and items in the country is huge, the sums of money very large and in some cases the mistakes made are tremendous. Given that, it is strange that there is no existing article explaining the most important auctions used in the country. The present paper describes the principal auctions held in Colombia over the past 20 years. Each auction is described in detail characterizing not only the allocation process, but also some results and conclusions. The work shows how the use of simple economic theory can allow us to understand the mistakes present in some auctions (Third Channel Auction) or to learn from auctions that have proven to be successful over time (electricity sector). This review is sufficiently broad, to cover cattle auctions through to financial ones; sufficiently geographically decentralized, to include agents from both, forested areas and big cities; and sufficiently transversal, to cover the public and the private sectors.
|Date of creation:||2011|
|Date of revision:|
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- Professor Paul Klemperer, 2000.
"What Really Matters in Auction Design,"
- Paul Klemperer, 2003.
"Using and Abusing Economic Theory,"
Economics Series Working Papers
2003-W02, University of Oxford, Department of Economics.
- Keloharju, Matti & Nyborg, Kjell G. & Rydqvist, Kristian, 2004.
"Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions,"
University of California at Los Angeles, Anderson Graduate School of Management
qt6v17p79w, Anderson Graduate School of Management, UCLA.
- Matti Keloharju & Kjell G. Nyborg & Kristian Rydqvist, 2005. "Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions," Journal of Finance, American Finance Association, vol. 60(4), pages 1865-1902, 08.
- Keloharju, Matti & Nyborg, Kjell G & Rydqvist, Kristian, 2002. "Strategic Behaviour and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions," CEPR Discussion Papers 3586, C.E.P.R. Discussion Papers.
- Paul Klemperer, 2003. "Alfred Marshall Lecture: Using and Abusing Economic Theory," Journal of the European Economic Association, MIT Press, vol. 1(2-3), pages 272-300, 04/05.
- Peter Cramton & Steven Stoft, 2007. "Colombia Firm Energy Market," Papers of Peter Cramton 07cfem, University of Maryland, Department of Economics - Peter Cramton, revised 2007.
- Ali Hortaçsu & David McAdams, 2010. "Mechanism Choice and Strategic Bidding in Divisible Good Auctions: An Empirical Analysis of the Turkish Treasury Auction Market," Journal of Political Economy, University of Chicago Press, vol. 118(5), pages 833 - 865.
- Miguel A. Espinosa & Alvaro J. Riascos Villegas, 2010. "Strategic Behaviour, Resource Valuation and Competition in Electricity Markets," DOCUMENTOS CEDE 006856, UNIVERSIDAD DE LOS ANDES-CEDE.
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