Procurement Auctions for Differentiated Goods

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	Procurement Auctions for Differentiated Goods
	Jason Shachat ; J.Todd Swarthout
刊名	http://www.wise.xmu.edu.cn/paperInfor.asp?id=165
	2013-11-08
关键词	procurement auction product differentiation experiment
英文摘要	We consider two mechanisms to procure differentiated goods：a sealed-bid buyer-determined auction and a dynamic-bid price-based auction with bidding credits. The sealed-bid buyer-determined auction is analogous to the “request for quote” procedure commonly used by procurement agencies, and has each seller submit a price and the inherent quality of his good. Then the buyer selects the seller who offers the greatest difference in quality and price. In the dynamic-bid price-based auction with bidding credits, the buyer assigns a bidding credit to each seller conditional upon the quality of the seller’s good. Then the sellers compete in an English auction, with the winner receiving the auction price and his bidding credit. Game-theoretic models predict the sealed-bid buyer-determined auction is socially efﬁcient but the dynamic-bid price-based auction with bidding credits is not. The optimal bidding credit assignment undercompensates for quality advantages, creating a market distortion in which the buyer captures surplus at the expense of the seller’s proﬁt and social efﬁciency. In our experiment, the sealed-bid buyer-determined auction is less efﬁcient than the dynamic-bid price-based auction with bidding credits. Moreover, both the buyer and seller receive more surplus in the dynamic-bid price-based auction with bidding credits.; This paper has been published in Decision Analysis.
语种	中文
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/57001]
专题	王亚南院－已发表论文
推荐引用方式 GB/T 7714	Jason Shachat,J.Todd Swarthout. Procurement Auctions for Differentiated Goods[J]. http://www.wise.xmu.edu.cn/paperInfor.asp?id=165,2013.
APA	Jason Shachat,&J.Todd Swarthout.(2013).Procurement Auctions for Differentiated Goods.http://www.wise.xmu.edu.cn/paperInfor.asp?id=165.
MLA	Jason Shachat,et al."Procurement Auctions for Differentiated Goods".http://www.wise.xmu.edu.cn/paperInfor.asp?id=165 (2013).