Bidding Rings in Repeated Auctions
Author: Andrzej Skrzypacz
Publisher:
Published: 1999
Total Pages: 30
ISBN-13:
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Auction Theory
Author: Vijay Krishna
Publisher: Elsevier
Published: 2002-04-25
Total Pages: 318
ISBN-13: 0080475965
DOWNLOAD EBOOKAuction Theory is the standard reference on auctions and the first source of authoritative information about multi-unit auctions. The book develops the main concepts of auction theory from scratch in a self-contained and theoretically rigorous manner. It explores auctions and competitive bidding as games of incomplete information through detailed examinations of themes central to auction theory. This book complements its superb presentation of auction theory with clear and concise proofs of all results on bidding strategies, efficiency, and revenue maximization. It provides discussions on auction-related subjects, including private value auctions; the Revenue Equivalence Principle; auctions with interdependent values; the Revenue Ranking (Linkage) Principle; mechanism design with interdependent values; bidding rings; multiple object auctions; equilibrium and efficiency with private values; and nonidentical objects. This book is essential reading for graduate students taking courses on auction theory, the economics of information, or the economics of incentives, as well as for any serious student of auctions. It will also appeal to professional economists or business analysts working in contract theory, experimental economics, industrial organization, and microeconomic theory. *The standard reference on auctions and the first source of authoritative information about multi-unit auctions*Explores auctions and competitive bidding as games of incomplete information*Uses accessible, detailed examinations of themes central to auction theory
Determining Damages from the Operation of Bidding Rings
Author: George Deltas
Publisher:
Published: 2000
Total Pages: 37
ISBN-13:
DOWNLOAD EBOOKThe Analytics of Uncertainty and Information
Author: Sushil Bikhchandani
Publisher: Cambridge University Press
Published: 2013-08-12
Total Pages: 509
ISBN-13: 1107433762
DOWNLOAD EBOOKThere has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also in professional schools and programs oriented toward business, government and administration, and public policy. This book attempts to unify the subject matter in a simple, accessible manner. Part I of the book focuses on the economics of uncertainty; Part II examines the economics of information. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, common-value auctions, and the one-shot deviation principle for repeated games.
Putting Auction Theory to Work
Author: Paul Milgrom
Publisher: Cambridge University Press
Published: 2004-01-12
Total Pages: 378
ISBN-13: 1139449168
DOWNLOAD EBOOKThis book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Cartelization in the Automotive Industry and Bid Rigging in Procurement Auctions
Author: Johannes Gerhardt
Publisher: GRIN Verlag
Published: 2017-04-04
Total Pages: 84
ISBN-13: 3668428638
DOWNLOAD EBOOKMaster's Thesis from the year 2016 in the subject Economics - Industrial Economics, grade: 1,3, Justus-Liebig-University Giessen, language: English, abstract: Due to the high importance of the automotive industry for the EU and the growing number of discovered automotive supplier cartels in this economic area, the purpose of the master thesis at hand is to analyze and display why cartelization – especially among automotive suppliers in the EU – is observed so frequently. Particularly, it investigates factors that facilitate collusion of car part manufacturers. Furthermore, it focuses on cartelization in procurement auctions as the touch point of automotive manufacturers and suppliers where collusive activities are executed. Hence, it examines the current state of theoretical research on collusive mechanism in auctions and provides implications for further research. Finally, it analyzes approaches to prevent collusion and assesses whether such measures are applicable to the automotive industry. The thesis is structured as follows: After this introduction, chapter two defines the scope of the industry for this paper and provides a broad overview of its different sectors and significant players. In addition, due to their overall importance for the following analysis, procurement and bidding processes in the automotive industry are exhibited upfront. To emphasize the industry’s importance for the EU, an outline of the state of this industry sector in the EEA is given. Building on that, chapter three presents a general introduction to cartelization in the automotive industry, followed by a presentation of three representative recent cartel cases in the EU: Car Glass, Automotive Bearings and Parking Heaters. This sets ground for a detailed analysis of the prevailing environment in the automotive industry. First, the analysis examines the manufacturer side including degrees of concentration, dominant strategies and effects of the automotive manufacturers’ market power. This is followed by an analysis of the supplier side regarding concentration and barriers to entry. Contingent on the analysis, factors that facilitate collusion in the automotive industry are summarized To introduce collusion in auctions, chapter four starts with an outline of the theoretical foundation of auction theory. Based on this, auction formats that foster collusion and stability of cartels are discussed. Furthermore, the most relevant incentive compatible mechanisms are introduced distinguishing between one-shot and repeated auction games.
Bidding rings
Author: R. Preston McAfee
Publisher:
Published: 1990
Total Pages: 17
ISBN-13:
DOWNLOAD EBOOKThe Economics of Collusion
Author: Robert C. Marshall
Publisher: MIT Press
Published: 2012-04-27
Total Pages: 315
ISBN-13: 0262300737
DOWNLOAD EBOOKAn examination of collusive behavior: what it is, why it is profitable, how it is implemented, and how it might be detected. Explicit collusion is an agreement among competitors to suppress rivalry that relies on interfirm communication and/or transfers. Rivalry between competitors erodes profits; the suppression of rivalry through collusion is one avenue by which firms can enhance profits. Many cartels and bidding rings function for years in a stable and peaceful manner despite the illegality of their agreements and incentives for deviation by their members. In The Economics of Collusion, Robert Marshall and Leslie Marx offer an examination of collusive behavior: what it is, why it is profitable, how it is implemented, and how it might be detected. Marshall and Marx, who have studied collusion extensively for two decades, begin with three narratives: the organization and implementation of a cartel, the organization and implementation of a bidding ring, and a parent company's efforts to detect collusion by its divisions. These accounts—fictitious, but rooted in the inner workings and details from actual cases—offer a novel and engaging way for the reader to understand the basics of collusive behavior. The narratives are followed by detailed economic analyses of cartels, bidding rings, and detection. The narratives offer an engaging entrée to the more rigorous economic discussion that follows. The book is accessible to any reader who understands basic economic reasoning. Mathematical material is flagged with asterisks.
The Oxford Handbook of International Antitrust Economics, Volume 2
Author: Roger D. Blair
Publisher: Oxford University Press
Published: 2014-11-03
Total Pages: 665
ISBN-13: 019938861X
DOWNLOAD EBOOKMore than any other area of regulation, antitrust economics shapes law and policy in the United States, the Americas, Europe, and Asia. In a number of different areas of antitrust, advances in theory and empirical work have caused a fundamental reevaluation and shift of some of the assumptions behind antitrust policy. This reevaluation has profound implications for the future of the field. The Oxford Handbook of International Antitrust Economics has collected chapters from many of the leading figures in antitrust. In doing so, this two volume Handbook provides an important reference guide for scholars, teachers, and practitioners. However, it is more than a merely reference guide. Rather, it has a number of different goals. First, it takes stock of the current state of scholarship across a number of different antitrust topics. In doing so, it relies primarily upon the economics scholarship. In some situations, though, there is also coverage of legal scholarship, case law developments, and legal policies. The second goal of the Handbook is to provide some ideas about future directions of antitrust scholarship and policy. Antitrust economics has evolved over the last 60 years. It has both shaped policy and been shaped by policy. The Oxford Handbook of International Antitrust Economics will serve as a policy and research guide of next steps to consider when shaping the future of the field of antitrust.
Auctioning Public Assets
Author: Maarten Christiaan Wilhelmus Janssen
Publisher: Cambridge University Press
Published: 2004
Total Pages: 340
ISBN-13: 9780521537575
DOWNLOAD EBOOKIn many countries all over the world, governments are privatising firms that were previously under public control. This is happening, for example, in public utility sectors such as gas, water and electricity, in transport sectors (such as rail and metro) and in radio and telephony. This book provides an overview of the economic issues that are involved in this transfer of ownership of public assets. Combining a theoretical framework with a set of case studies of recent sales of state-owned assets from Europe and the USA, it asks which sort of allocation mechanism can a government adopt? Which is most suited to a particular sale? And how will the choice of allocation mechanism affect future market outcomes? With contributions from international experts, this book offers an accessible introduction to auction theory and an invaluable, non-technical analysis of existing knowledge. It will be of interest to students, non-specialists and policy-makers alike.
