Multi-round auctions for institutional real estate assets : theory and practice

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2003.Includes bibliographical references.The theory of auctions has grown dramatically over the last four decades; it offers guidance and insights into the conduct of efficient and optimal auctions in real estate, and other industries. In this thesis an auction process used to sell institutional real estate assets in the US is identified. This auction came into being during the 1990s, and is now in common use. The auction is recorded though surveys with industry representatives and is characterized. Problems with the auction are identified, and solutions are proposed, referencing this auction to the body of auction theory. The auction consists of two rounds of sealed bid submissions, with attrition in the number of competitive bidders. After competitive bidding is complete a preferred bidder is selected, and engages in due diligence, a practice that often uncovers new information and induces renegotiation. Bids are not binding during the bidding process, because the auction is informationally incomplete. Sellers analyze bids based on the perceived quality of the bidder as a contractual partner, as well as the bid's value, complicating the objective selection of the best bidder. The auction is bilaterally incomplete and unstable, potentially influencing efficiency and optimality. Recommendations to improve the process are made. Descriptive statistics are formed and presented of multi-round auctions for institutional real estate assets.by J. Aidan Foley.S.M

Strategic development in the petrochemical industry

Imperial Users onl

Challenges in aviation governance: implementation of Single European Sky and EU Emissions Trading Scheme

Traffic growth, capacity constraints, climate change and the necessity to develop a more cost efficient system led to an ambitious initiative to reform the architecture of airspace management. This initiative, launched by the European Commission (EC), is called Single European Sky (SES). The four Key Performance Areas (KPAs) of SES are environment; cost efficiency; capacity; and safety. In the environment KPA Performance Indicators for Air Navigation Services Providers (ANSPs) are established to ensure that improvement in sustainability is achieved. In addition, aviation is included in the European Union's Emission Trading Scheme (EU ETS): the EC sets limits on CO2 emissions and provides economic incentives to airlines to reduce emissions by establishing a market-based trading system. EU-ETS can be used to simultaneously promote economic efficiency and achieve environmental goals on a sustainable basis. The PhD research examines the existence of cancel-out effects between supply-led, i.e. SES, and demand-led management, i.e. EU ETS, policies by following a holistic approach. Environmental economics theory and industrial economics are applied to identify factors that have a significant influence on the two policies. Interestingly, and in spite of common objectives, the two schemes are governed by different bodies, which may fail to streamline their communication process. Hence, the PhD thesis also addresses the issue of governance and its possible failure regarding the full implementation and efficiency of the schemes. From a methodological perspective, Delphi is conducted in two rounds to encapsulate policy complexity at an in-depth level. The target population comprises stakeholders involved in SES and EU ETS. To select candidates purposive and snowball sampling was used. Thus, the sample consists of 39 senior managers/experts from Civil Aviation Authorities; ANSPs; aviation-related organisations and institutions; and airlines. Based on the results of the Delphi and building on its theoretical background, the PhD thesis then develops a conceptual model to address governance failure, thus effectively linking supply- to demand-oriented aviation policies in a holistic manner

Journal of the House of Representatives of the 84th GA 2, 2012

The published daily journals of the transactions of the House of Representatives for the current legislative session and the official bound journals printed after adjournment for previous legislative sessions