Innovation in Technology Management. The Key to Global Leadership. PICMET '97
DOI: 10.1109/picmet.1997.653421
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Incentives, information, and winner's curse in construction industry bidding

Abstract: This paper investigates the relationship between incentives, information and winner's curse in the bidding for construction industry contracts. The approach uses both simple Monte Carlo simulations and bidding experiments to show the effects of changing levels of information (in terms of variance) and incentive (in terms of risk share) on the winner's curse. I. INTRODUCTION This paper ties together three distinct and rich areas of bidding literature that are important to the understanding and dealing with thes… Show more

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Cited by 2 publications
(2 citation statements)
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“…If the FCC used traditional auctions in selling a group of spectra to a single buyer, for example, the English auctions, the bidders may win some nonsuccessive spectra. Thus, the winners will drop out the auction because the expected utility is not achieved [1]. After the FCC used the combinatorial auction to sell the electromagnetic spectra, the combinatorial auctions are widely applied to solve the optimization problems, such as the study of economic performance [2] and task assignment [3].…”
Section: Introductionmentioning
confidence: 99%
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“…If the FCC used traditional auctions in selling a group of spectra to a single buyer, for example, the English auctions, the bidders may win some nonsuccessive spectra. Thus, the winners will drop out the auction because the expected utility is not achieved [1]. After the FCC used the combinatorial auction to sell the electromagnetic spectra, the combinatorial auctions are widely applied to solve the optimization problems, such as the study of economic performance [2] and task assignment [3].…”
Section: Introductionmentioning
confidence: 99%
“…iii) A utility function . Each player's utility function is the revenue of the auctioneer in the WDP, as shown in(1).…”
mentioning
confidence: 99%