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Winners Curse In Discriminatory Price Auctions
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Book Synopsis Winner's Curse in Discriminatory Price Auctions by : Geir Hoidal Bjonnes
Download or read book Winner's Curse in Discriminatory Price Auctions written by Geir Hoidal Bjonnes and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies bidder behavior using a detailed data set consisting of actual bid distributions in Norwegian Treasury bill auctions held during 1993-1998. The empirical results presented suggest that observed bidder behavior is consistent with an adjustment for the winner's curse. Bidders shade and disperse their bids more, and reduce quantity demanded, when the number of competing bidders increases. Tests suggest that there are some differences between the individual bidders. For instance, the most frequent bidders tend to disperse their bids more than other bidders, on average. Differences in bid shading and bidder profits can not be explained by bidder frequency or bidder size.
Book Synopsis Common Value Auctions and the Winner's Curse by : John H. Kagel
Download or read book Common Value Auctions and the Winner's Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2009-04-11 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
Book Synopsis Auction Format Matters by : Mr.Robert Alan Feldman
Download or read book Auction Format Matters written by Mr.Robert Alan Feldman and published by International Monetary Fund. This book was released on 1995-05 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats. The analysis is based on a standard benchmark model from which empirically-testable hypotheses are derived on the optimal amount of bid shading that generates revenue equivalence between the two formats. Applying this model to data from the IMF gold auctions run in 1976-80, we find evidence of statistically significant shading in excess of the theoretically-derived optimum under the discriminatory format. This evidence suggests greater seller revenue under the uniform-price format.
Book Synopsis Common Value Auctions and the Winner's Curse by : John H. Kagel
Download or read book Common Value Auctions and the Winner's Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2021-04-13 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
Book Synopsis Treasury Bill Auctions by : Mr.Carlo Cottarelli
Download or read book Treasury Bill Auctions written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1994-11-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the main issues that arise in the design of treasury bill auctions and survey the relevant empirical literature. We also provide a detailed description of the actual design of these auctions in a sample of 42 industrial and developing countries.
Book Synopsis Essays in the Empirical Analysis of Auction Markets by : Ali Hortaçsu
Download or read book Essays in the Empirical Analysis of Auction Markets written by Ali Hortaçsu and published by . This book was released on 2001 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Putting Auction Theory to Work by : Paul Milgrom
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Book Synopsis Flexible Estimation of Demand Schedules and Revenue Under Different Auction Formats by : Mr.Robert Alan Feldman
Download or read book Flexible Estimation of Demand Schedules and Revenue Under Different Auction Formats written by Mr.Robert Alan Feldman and published by International Monetary Fund. This book was released on 1995-11-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Book Synopsis Bidder Behavior in Multiple Unit Auctions by : Kjell G. Nyborg
Download or read book Bidder Behavior in Multiple Unit Auctions written by Kjell G. Nyborg and published by . This book was released on 1997 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Auctions of Identical Objects with Single-unit Demands by : Flavio M. Menezes
Download or read book Auctions of Identical Objects with Single-unit Demands written by Flavio M. Menezes and published by . This book was released on 1999 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fixed Income Markets and Their Derivatives by : Suresh Sundaresan
Download or read book Fixed Income Markets and Their Derivatives written by Suresh Sundaresan and published by Academic Press. This book was released on 2009-03-30 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third edition of this well-respected textbook continues the tradition of providing clear and concise explanations for fixed income securities, pricing, and markets. Fixed Income Markets and Their Derivatives matches well with fixed income securities courses. The book's organization emphasizes institutions in the first part, analytics in the second, selected segments of fixed income markets in the third, and fixed income derivatives in the fourth. This enables instructors to customize the material to suit their course structure and the mathematical ability of their students. - New material on Credit Default Swaps, Collateralized Debt Obligations, and an intergrated discussion of the Credit Crisis have been added - Online Resources for instructors on password protected website provides worked out examples for each chapter - A detailed description of all key financial terms is provided in a glossary at the back of the book
Book Synopsis Networks, Crowds, and Markets by : David Easley
Download or read book Networks, Crowds, and Markets written by David Easley and published by Cambridge University Press. This book was released on 2010-07-19 with total page 745 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.
Book Synopsis Financing and Risk Management by : Richard A. Brealey
Download or read book Financing and Risk Management written by Richard A. Brealey and published by McGraw Hill Professional. This book was released on 2003 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: The features of this text include: the six lessons of market efficiency; patterns of corporate financing; stockholders' rights; convertible securities; duration and volatility of debt; hedging with futures; debt borrowing issues; and risk management, both domestic and international.
Book Synopsis On the Demand Elasticity of Initial Public Offerings by : Gwohorng Liaw
Download or read book On the Demand Elasticity of Initial Public Offerings written by Gwohorng Liaw and published by . This book was released on 2000 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze 52 Taiwanese IPOs that were conducted as discriminatory auctions (you pay what you bid) between December 1995 and October 1998. This unique dataset, which complements the Kandel, Sarig, and Wohl (1999, KSW) nondiscriminatory (uniform-price) IPO auction dataset in Israel, includes the whole demand schedules. To the best of our knowledge, it is the first time that the whole demand schedules for discriminatory auctions are described and analyzed. Consistent with KSW, the elasticity of demand for IPOs in Taiwan is relatively flat at the auction clearing price. This appears to imply that the high elasticity of demand for IPOs may not be affected by auction methods. In addition, our unique data allow us to test three hypotheses that appear to explain the cross-sectional variation of demand elasticity. The shareholder heterogeneity hypothesis suggests that the demand elasticity is negatively correlated with the heterogeneity in demand, while the competition hypothesis predicts that the demand elasticity is positively correlated with competition. The synthesized hypothesis proposed in this paper suggests that the demand elasticity is correlated more with competition than with heterogeneity for the winning bid schedules, whereas the relation is reverse for the losing bid schedules. Our results appear to be consistent with all three hypotheses. We also find that the average winning bidders earn a significant average abnormal return of 7.83% in the post-market and that the post-market abnormal return is positively correlated with the demand elasticity and the idiosyncratic risk of stock returns. Finally, there is evidence that informed investors have incentives to shade their demand in IPOs to avoid the winner's curse. The most aggressive bidders (the top 5% of the winning bidders) on average incur only a small loss of 1.64% (not significant) in the market-adjusted initial returns.
Download or read book The IPO Decision written by Jason Draho and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.
Book Synopsis Electricity Auctions by : Luiz Maurer
Download or read book Electricity Auctions written by Luiz Maurer and published by World Bank Publications. This book was released on 2011-07-25 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity-contract auctions have been getting increased attention as they have emerged as a successful mechanism to procure new generation capacity and. This book presents a comprehensive overview of international experiences in auction design and implementation.
Book Synopsis Handbook of Fiscal Policy by : Jack Rabin
Download or read book Handbook of Fiscal Policy written by Jack Rabin and published by CRC Press. This book was released on 2001-12-19 with total page 824 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing forty articles written by experts, this book explores the development of government spending and revenue policymaking, the legacy of John Maynard Keynes, taxes and tax policies, government budgeting and accounting, and government debt management. Topics include the implications of the federal balanced budget amendment, factors that affect implementation of fiscal policies, the relationship between tax assessment and economic prosperity, and debt management strategies by government institutions. It covers the role of government in formulating economic policies for growth and full employment and reviews issues associated with the implementation of fiscal policies.
