Essays on Auctions, Tournaments, and Imperfect Competition PDF Download
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Author: Wei Ding
Publisher:
ISBN: 9783844007404
Category :
Languages : en
Pages : 149
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Author: Wei Ding
Publisher:
ISBN: 9783844007404
Category :
Languages : en
Pages : 149
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Book Description
Author: Patrick Schmitz
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 20
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Author: Laurent Martin
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 298
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Author: Vivek Bhattacharya
Publisher:
ISBN:
Category :
Languages : en
Pages : 184
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Book Description
This thesis consists of three chapters broadly in industrial organization, with a focus on contests and auctions, and game theory. Chapter 1 develops a new model of multistage R&D procurement contests, in which firms conduct research over a number of stages to develop an innovative product and then supply it to a procurer. I show that the primitives of this model-the cost of research, the distributions of project values and delivery costs, and the share of the profits captured by the firms-are non parametrically identified given data on R&D expenditures and procurement contract amounts. I then develop a tractable estimation procedure and apply it to data from the Small Business Innovation Research program in the Department of Defense. I find that within a particular contests, there is low variation in the values of the proposed projects, which are drawn early in the process, but considerably larger variation in the delivery costs, which are drawn later. The DOD provides high-powered incentives, sharing about 75% of the surplus with the firms. I then suggest simple design changes to improve social surplus but find that many of these socially beneficial design changes would in fact reduce DOD profits. Chapter 2, which is joint with James Roberts and Andrew Sweeting, studies the benefits of regulating entry into procurement auctions, relative to standard auctions in which bidders are allowed to enter and bid freely. Specifically, we study the relationship between auction outcomes and the precision of information bidders have about their costs before entering the bidding stage of the contest. We show that the relative performance of a standard auction with free entry and an "entry rights auction," which restricts participation in the bidding phase, depends non monotonically on the information precision. We finally estimate the model on a dataset of auctions for bridge-building contracts let by the Oklahoma and Texas Departments of Transportation. Entry is estimated to be moderately selective, and the counterfactual implication is that an entry rights auction would significantly increase social efficiency and reduce procurement costs. Chapter 3, which is joint with Lucas Manuelli and Ludwig Straub, proposes a model of "signal distortion" in a game with imperfect public monitoring. We construct a framework in which each player has the chance to distort the true public signal, and each player is uncertain about the distortion technologies available to his opponent. Continuation payoffs are dependent on the distorted signal. Our main result is that when players evaluate strategies according to their worst case guarantees-i.e., are ambiguity-averse over certain distributions in the environment-players behave as if the continuation payoffs that incentivize them in the stage game are perfectly aligned with their opponents'. We then provide two examples showing counterintuitive implications of this result: (i) signal structures that allow players to identify deviators can be harmful in enforcing a strategy profile, and (ii) the presence of signal distortion can help sustain cooperation when it is impossible in standard settings. We then extend our equilibrium concept to a repeated game, show that it is a natural generalization of strongly symmetric equilibria, and then prove an anti-folk theorem that payoffs are in general bounded away from efficiency.
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Author: Bernard Sinclair-Desgagné
Publisher: Ann Arbor, Mich. : University Microfilms International
ISBN:
Category :
Languages : en
Pages : 100
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Author: Nicholas James Shunda
Publisher:
ISBN:
Category :
Languages : en
Pages : 312
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Author: Yumiko Baba
Publisher:
ISBN:
Category :
Languages : en
Pages : 214
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Author: Daniel Friedman
Publisher: Routledge
ISBN: 0429961081
Category : Social Science
Languages : en
Pages : 456
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Book Description
This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.
Author: Keith Waehrer
Publisher:
ISBN:
Category :
Languages : en
Pages : 144
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Author: Seungwon (Eugene) Jeong
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This dissertation consists of three essays on market design and auction theory. In Chapter 1, I introduce new multidimensional auction mechanisms. In many auctions, because of externalities, each bidder has a different maximum willingness to pay in order to beat each specific competitor, which causes the following new problem. When there are three bidders, two bidders might compete against each other unnecessarily and have worse payoffs than if they had lost to the third bidder, i.e., the two bidders have "group winner regret, " which can also lead to inefficiency. While no one-dimensional-bid mechanism is efficient, the Vickrey-Clarke-Groves (VCG) may require losers to pay. This paper introduces a novel mechanism, the "multidimensional second-price" (MSP) auction (and its open ascending version), and characterizes it. MSP is free of a loser's payment, pairwise stable, and has good incentive properties, including no group winner regret. Moreover, the winner cannot win at any different price by any misreport, and a loser cannot be better off winning by any misreport. MSP is strategyproof for a bidder without externalities imposed by others, and it reduces to the second-price auction when there are no externalities. Simulations suggest that MSP outperforms the second-price auction in terms of both revenue and efficiency. In Chapter 2, I study properties of VCG when externalities exist, and introduce shill bidding strategies that weakly dominate truthful bidding. When externalities exist, VCG is efficient, incentive compatible, and individually rational. However, as occurs in package auctions without externalities, VCG outcomes may not be in the core. Moreover, VCG is not pairwise stable. Due to externalities, several additional problems occur. VCG may require losing bidders to pay, which might be undesirable. Also, it might be budget infeasible, and the auctioneer might need to pay the winner a subsidy. The subsidy problem can occur even when all bids are positive. Furthermore, unlike package auctions without externalities, there exists a shill bidding strategy that weakly dominates truthful bidding. In addition, when this shill bidding is used, there is no Nash equilibrium. Each bidder is better off using an infinite number of shills, which eventually makes VCG undefined. In Chapter 3, I study properties of VCG in the advertising auction setting. Even though VCG is incentive compatible (IC) in the advertising auction setting, the actual implementation of VCG in practice is not VCG per se. The main reason is that the price needs to be determined when the billing event happens at the same time as the estimation of click-through rate (CTR) or position discount (PD) is occurring. After all, advertising auctions charge the estimate of externalities. However, even in this "estimated" VCG (eVCG), CTR miscalibration does not ruin IC. Even when PD miscalibration exists, IC still holds with "perfect competition." Regarding efficiency and revenue, both CTR and PD miscalibrations matter. Interestingly, however, the revenue of the auctioneer does not necessarily decrease by underbidding.
