haku: @freeterm PROCUREMENT / yhteensä: 13
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| Tekijä: | Ewerhart, C. Fieseler, K. |
| Otsikko: | Procurement auctions and unit-price contracts |
| Lehti: | RAND Journal of Economics
2003 : AUTUMN, VOL. 34:3, p. 569-581 |
| Asiasana: | Auctions Contracts Unit pricing |
| Vapaa asiasana: | Procurement |
| Kieli: | eng |
| Tiivistelmä: | Bids often have the form of unit-price contracts (UPCs) in competitive procurement auctions. It is shown that optimal behaviour in UPC auctions is typically nonmonotonic and therefore may lead to inefficient allocations. Nevertheless, UPC auctions may still be desirable for the buyer when compared to efficient mechanisms such as the first-price auction. In a UPC auction, low types are subsidized, and the resulting stronger competition reduces the winning bidder's informational rent, which overcompensates the efficiency loss. |
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