The Effect of Shill Bidding upon Prices: Experimental Evidence

This paper explores, through a series of experiments, the effect of shill bidding upon revenues and prices in auctions. We study the practice of shill bidding in a common value framework. Our findings are consistent with the theoretical prediction that, if bidders are aware of the possibility of seller participation in an auction, shill bidding lowers profits on average. Shill bidding can alleviate the problem of the winner's curse by lowering the price and it can, thus, provide benefits to the bidders. Finally, even though there were too many bidders that submitted bids in these auctions, the number of entrants was not affected by the possibility of seller participation, which is also consistent with the theory.Auctions, Experiment, Shill Bidding, Entry

The Effect of Information on the Bidding and Survival of Entrants in Procurement Auctions

In government procurement auctions of construction contracts, entrants are typically less informed and bid more aggressively than incumbent firms. This bidding behavior makes them more susceptible to losses a¤ecting their prospect of survival. In April of 2000, the Oklahoma Department of Transportation started releasing the internal cost estimates to complete highway construction projects. Using newly developed quantile regression approaches, this paper examines the impact of the policy change on aggressive entrants. First, we find that the information release eliminates the bidding differential between entrants and incumbents attributed to informational asymmetries. Second, we argue that the policy change a¤ects the prospects of survival of entrants in the market. We find that those who used to exit the market relatively soon are now staying 37 percent longer, while at the median level bidding duration increased by roughly 68 percent. The policy has the potential to encourage entry in government procurement auctions and thus increase competition.Entry; Survival; Information Release; Procurement Auctions

Alien Registration- Nevers, Georgia G. (Portland, Cumberland County)

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The impact of timing on bidding behavior in procurement auctions of contracts with private costs

We provide a comparison of bidding behavior between multi-round and single-round auctions considering bid lettings for asphalt construction contracts. Using a reduced-form difference-in-difference approach as well as the nonparametric estimation technique proposed by Racine and Li (2004) we find that, bidding is more aggressive in a sequential multi-round setting than in a simultaneous single-round format. We explore potential causes for the bidding difference across formats related to synergies and level of bidder participation.Multi-unit auctions, Procurement auctions

Disadvantaged business enterprise goals in government procurement contracting: an analysis of bidding behavior and costs

Programs that encourage the participation of disadvantaged business enterprises (DBE) as subcontractors have been a part of government procurement auctions for over three decades. In this paper, we examine the impact of a program that requires prime contractors to subcontract out a portion of a highway procurement project to DBE firms. We study how DBE subcontracting requirements affect bidding behavior in federally funded projects. Within a symmetric independent private value framework, we use the equilibrium bidding function to obtain the cost distribution of firms undertaking projects either with or without subcontracting goals. We then use nonparametric estimation methodsto uncover and compare the cost of firms bidding on a class of asphalt projects related to surface treatment in Texas. The analysis shows little differences in the cost structure between auctions that have subcontracting goals and those that do not.Auctions ; Government purchasing

Press Freedom in Singapore and Malaysia: Defamation

This paper focuses on the arguments around restriction on freedom of the press in the Strong States of Singapore and Malaysia. It assesses the presence of constraints on press freedoms in democratic western countries imposed by corporation rather than state and the similar effects that these constraints may have on bias present in publicly accessible news reporting. It argues that independence of the press does not just require protection from legal and executive regulation, but also protection from large media corporations and their political alignments. This report will assess the bias of reporting and news media publication that exists in Malaysia and Singapore due to legislative and regulatory constraints as opposed to bias that exist in the western liberal democratic nations of the United Kingdom (UK) and the United States of America (USA) due to Media Organisation control

Leverage and returns in three countries of Southern European region

This paper aims to investigate the impact of leverage on stock returns in three southern European countries, members of the Euro zone, Greece, Italy and Portugal from 2000 to 2010. The portfolio level analysis is performed both on a full sample basis and on an industry basis. The main contribution of our work is that we enhance the capital structure studies by broadening the limited work that has been accomplished on the base of leverage as an explanatory variable of returns. At the industry level analysis, a significant positive leverage effect is isolated only at Consumer Goods and Health Care industries in Italy and at Industrial sector in Portugal. In Greece, the industry effect of leverage is almost negligible.peer-reviewe

Aproksimacija drugog reda za srednji pomak čestice uronjene u toplinsku kupku uz prisustvo vanjske sile

The interaction of a quantum particle with a heat bath of quantum oscillators under the influence of an external force has been studied and the mean displacement of this particle has been computed up to second order approximation in the propagator. The heat bath has been considered as Brownian and the characteristic frequencies are close to the characteristic frequency of the particle. The mean displacement of the particle has been found to oscillate with time. The temperature dependence of the mean displacement follows an exponential function of e-1/T.Razmatrano je međudjelovanje kvantne čestice s toplinskom kupkom kvantnih oscilatora uz prisustvo vanjske sile. Određen je srednji pomak čestice do približenja drugog reda za propagator. Toplinska kupka Brownovskog je tipa s karakterističnim frekvencijama bliskim karakterističnoj frekvenciji čestice. Nađeno je da srednji pomak čestice oscilira u vremenu