Comparing Open and Sealed Bid Auctions: Evidence from Timber Auctions

Athey, Susan; Levin, Jonathan; Seira, Enrique

doi:10.3386/w14590

Cited by 132 publications

(244 citation statements)

References 27 publications

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“…In recent years, economists markets and traditional price competition is very close. In recent years, economists have developed a set of empirical methods for analyzing auction markets that in have developed a set of empirical methods for analyzing auction markets that in many ways parallel the imperfect competition framework discussed above (Athey many ways parallel the imperfect competition framework discussed above (Athey and Haile, 2006;Hendricks and Porter, 2007). and Haile, 2006;Hendricks and Porter, 2007).…”

Section: Competition In Auction Markets Competition In Auction Marketsmentioning

confidence: 99%

Empirical Industrial Organization: A Progress Report

Einav

Levin

2010

Journal of Economic Perspectives

Self Cite

109

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T T he fi eld of industrial organization has made dramatic advances over the he fi eld of industrial organization has made dramatic advances over the last few decades in developing empirical methods for analyzing imperfect last few decades in developing empirical methods for analyzing imperfect competition and the organization of markets. These new methods have competition and the organization of markets. These new methods have diffused widely: into merger reviews and antitrust litigation, regulatory decision diffused widely: into merger reviews and antitrust litigation, regulatory decision making, price setting by retailers, the design of auctions and marketplaces, and making, price setting by retailers, the design of auctions and marketplaces, and into neighboring fi elds in economics, marketing, and engineering. Increasing into neighboring fi elds in economics, marketing, and engineering. Increasing access to fi rm-level data and in some cases the ability to cooperate with fi rms or access to fi rm-level data and in some cases the ability to cooperate with fi rms or governments in experimental research designs is offering new settings and opporgovernments in experimental research designs is offering new settings and opportunities to apply these ideas in empirical work. tunities to apply these ideas in empirical work.This essay begins with a sketch of how the fi eld has evolved to its current state, This essay begins with a sketch of how the fi eld has evolved to its current state, in particular how the fi eld's emphasis has shifted over time from attempts to relate in particular how the fi eld's emphasis has shifted over time from attempts to relate aggregate measures across industries toward more focused studies of individual aggregate measures across industries toward more focused studies of individual industries. The second and primary part of the essay describes several active areas industries. The second and primary part of the essay describes several active areas of inquiry. While this is in some sense a survey, our goal is not to be comprehenof inquiry. While this is in some sense a survey, our goal is not to be comprehensive but to highlight key ideas and illustrate how modern research has approached sive but to highlight key ideas and illustrate how modern research has approached different problems. We also discuss some of the impacts of this research and specify different problems. We also discuss some of the impacts of this research and specify topics where research efforts have been more or less successful. The last section topics where research efforts have been more or less successful. The last section steps back to offer a broader perspective. We address some current debates about steps back to offer a broader perspective. We address some current debates about research emphasis in the fi eld, and more broadly about empirical methods, and research emphasis in the fi eld, and more broadly about empirical methods, and offer some thoughts on where future research might go. offer some thoughts on wh...

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Section: Competition In Auction Markets Competition In Auction Marketsmentioning

confidence: 99%

Empirical Industrial Organization: A Progress Report

Einav

Levin

2010

Journal of Economic Perspectives

Self Cite

109

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“…2 Entry effects can also be observed in Independent Private Value auctions. In fact, Athey, Levin and Seira (2011) show evidence supporting that they are present in U.S. timber auctions. However, these effects can only arise if there are costs to entering the auction.…”

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confidence: 89%

“…Several jurisdictions also use variants of the first price sealed bid auctions to allocate the rights to harvest publicly owned forests (e.g. U.S. National Forest Service; British Columbia, France and Romania; see for instance Athey and Levin, 2001;Athey Levin and Seira, 2011;Baldwyn, Marshall, and Richard, 1997;Li and Perrigne, 2003;Mead, 1968;Paarsch, 1992;Saphores et al, 2007).…”

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confidence: 99%

Simultaneous Allocation of Bundled Goods through Auctions: Assessing the Case for Joint Bidding

Rondeau

Courty

Doyon

2015

American J Agri Economics

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Abstract:We study the costs and benefits of allowing joint bidding in multiple simultaneous first price sealed bid auctions for bundled goods with private values. Joint bidding raises the prospect of higher allocative efficiency but also reduces the number of bidders resulting in an ambiguous net impact on seller revenue. The research was carried out using laboratory experiments in which groups of up to six buyers competed for eight bundles of two separable goods each. The main results show that in our experimental environment, allowing joint bidding increases efficiency by 11.3% and revenue by 9.4%.The research has immediate applications to the sale of public forest stands that arbor a mixture of species. For this reason, we explore how the results are affected by excess supply, the presence of dominant firms, and the removal of an allocation rule requiring multiple bidders under certain circumstances.

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“…Hong and Shum (1999) found that, the costs of procurement auctions increased by 30% as the number of bidders increases from 3 to 6 bidders. Athey et al (2004), observed that the competition with unknown bidders (sealed envelopes) attracts more bidders than the open auctions with generating higher revenue.…”

Section: External Business Environmentmentioning

confidence: 99%

Factores que influyen en la decisión de licitar o no licitar en la Franja de Gaza - perspectivas de los contratistas

2011

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To bid or not to bid for a certain project is considered to be a crucial decision for contractors' survival. The objective of this paper is to identify and rank the factors that affect the bid/no bid decision according to their relative importance from the perspective of the local contractors operating in the Gaza Strip, Palestine. A total of seventy-eight factors were identified through a comprehensive literature review to evaluate the most important factors that affect the contractors' decisions to bid or not in the Gaza strip. A survey was conducted on a sample of seventy three contractors classified under the building category, and sixty five of them responded with response rate 89%. The results illustrate that, the financial capability of the contractors, the reputation of the clients, the financial capability of the clients, the financial values of the project, the availability of construction raw materials in the local markets, and the stability of the construction industry were the most critical factors affecting the contractors bid-no bid decisions. This study suggests that contractors and clients should improve their financial systems and capabilities in order to stay in business.Keywords: Contractors, bid decision, construction, finance Resumen La decisión de licitar o no licitar un determinado proyecto es crucial para la sobrevivencia de los contratistas. El objetivo de este artículo es identificar y clasificar los factores que determinan la decisión de licitar o no licitar, de acuerdo a su importancia relativa desde la perspectiva de contratistas locales que operan en la Franja de Gaza, Palestina. Se identificaron un total de setenta y ocho factores, por medio de una revisión exhaustiva de la literatura, para evaluar los factores más importantes que afectan las decisiones de los contratistas por licitar no licitar en la Franja de Gaza. Se desarrolló una medición dentro de una muestra compuesta por setenta y tres contratistas clasificados bajo la categoría construcción, y sesenta y cinco de ellos respondieron a una razón de 89%. Los resultados ilustran que la reputación de los clientes, la capacidad financiera de éstos, el potencial financiero del proyecto y la disponibilidad constructiva de materias primas en los mercados locales, así como la estabilidad de la industria de la construcción, fueron los principales factores críticos que influyen en las decisiones de licitar o no licitar. Este estudio sugiere que los contratistas y clientes debieran mejorar sus sistemas financieros y aptitudes para poder mantenerse dentro del negocio.

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Comparing Open and Sealed Bid Auctions: Evidence from Timber Auctions

Cited by 132 publications

References 27 publications

Empirical Industrial Organization: A Progress Report

Empirical Industrial Organization: A Progress Report

Simultaneous Allocation of Bundled Goods through Auctions: Assessing the Case for Joint Bidding

Factores que influyen en la decisión de licitar o no licitar en la Franja de Gaza - perspectivas de los contratistas

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