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| Tekijä: | Hong, H. Shum, M. |
| Otsikko: | Increasing competition and the winner's curse: evidence from procurement |
| Lehti: | Review of Economic Studies
2002 : OCT, VOL. 69:4(241), p. 871-898 |
| Asiasana: | Competition Auctions Bidding |
| Kieli: | eng |
| Tiivistelmä: | The authors assess empirically the effects of the winner's curse which, in common-value auctions, counsels more conservative bidding as the number of competitors increases. They construct an econometric model of an auction in which bidders' preferences have both common- and private-value components, and propose a new monotone quantile approach which facilitates estimation of this model. Second, they estimate the model using bids from procurement auctions held by the State of New Jersey. They find that median procurement costs rise as competition intensifies. |
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