Over- and Under-Bidding in Tendering
نویسندگان
چکیده
منابع مشابه
Over- and Under-Bidding in Tendering
Consider a government tendering the right to operate, for example, an airport, telecommunication network, or utility. There is an “incumbent bidder” who owns a complement or substitute facility, and one entering “new bidder”. With a “standard auction” on the payment to the government, the incumbent is willing to bid higher than its expected profit from the facility as winning implies that it is...
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This study reports an experiment that examines whether groups can better comply with theoretical predictions than individuals in contests. Our experiment replicates previous findings that individual players significantly overbid relative to theoretical predictions, incurring substantial losses. There is high variance in individual bids and strong heterogeneity across individual players. The new...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2222642