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Searched for First-price auction.
Found 11 results.
Displaying results 1 to 10 of 11.
Found 11 results.
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Publications // 12.10.2023
Clustering of the two most competitive bids in first-price auctions can be indicative of collusive behavior. However, it can also reflect non-cooperative strategies under complete information. I propose
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Events // 23.10.2023
costs are negligible. It also undermines price discovery. Finally, the paper examines the implications for auction design. First, setting an optimal reserve price is more valuable than attracting an extra [...] The paper presented in this Virtual Market Design Seminar considers auctions where buyers can acquire costly information about their valuations and those of others, and investigates how competition [...] their valuations, hence restoring effective competition, by maintaining uncertainty over the set of auction participants.
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News // 27.07.2023according to DRG thus incentivises cost reduction. However, two design flaws have led to problems. Firstly, the German DRG system takes into account the type of treatment, resulting in operations being generally [...] competition generally prompts providers to vie for customers by offering superior quality or lower prices. Behind the headlines surrounding the hospital reform, sensible economic arguments are obscured: [...] the quality requirements, based on which hospital demands the lowest provision budgets. Such an auction mechanism would ensure the same provision performance at lower costs. Furthermore, regular tenders
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Publications // 01.02.2023
The usual analysis of bidding in first-price auctions assumes that bidders know the distribution of valuations. We analyze first-price auctions in which bidders do not know the precise distribution [...] case reasoning. We find an essentially unique and efficient worst-case equilibrium of the first-price auction, which has appealing properties from both the bidders' and the seller's point of view
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Publications // 27.05.2022
value first-price auction with signaling, in which the participation decisions and the auction outcome are used by an outside observer to infer the bidders’ types. We show that this auction has a
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Publications // 11.04.2022
value first-price auction with signaling, in which the participation decisions and the auction outcome are used by an outside observer to infer the bidders' types. We show that this auction has a
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Publications // 23.04.2021
We study the relative performance of the first-price sealed- bid auction, the second-price sealed-bid auction, and the all-pay sealed-bid auction in a laboratory experiment where bidders can signal [...] settings: the auctioneer reveals either the identity of the winning bidder only, or she also reveals the bidders’ payments to an outside observer. We find that the all-pay sealed-bid auction in which [...] revenue, while this mechanism underperforms in terms of efficiency relative to the winner-pay auctions.
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Publications // 02.03.2018
Bidding in first-price auctions crucially depends on the beliefs of the bidders. We analyze bidding behavior in a first-price auction in which the knowledge of the bidders about the distribution of the [...] worst case beliefs are type dependent in a non-monotonic way, an efficient equilibrium of the first-price auction exists.
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Publications // 05.07.2016
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Publications // 05.07.2016
compare the effects of information acquisition during a descending auction with its static counterpart, the first-price sealed-bid auction. In a framework with heterogeneous prior information, we show [...] in the dynamic auction in equilibrium. If the costs of information acquisition are sufficiently low, the sealed-bid auction generates more revenue although the descending auction is more efficient [...] information acquisition exists in both auction formats. We show that everything else equal information acquisition is more desirable in the dynamic auction. Moreover, we characterize a set of parameter