payment rule. Secondly, we introduce a simple two-stage mechanism which always leads to a decrease in procurement costs … compared to any single-stage auction. Finally we derive the optimal efficient two-stage mechanism. …

-only auction (discouraging early information exchange) and bilateral negotiations with a preselected seller (reducing competition …For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation. If … scoring auction implements the efficient allocation. If this is not feasible, the buyer must choose between a price …

procurement auction formats can take advantage of bidders' willingness-to-pay-willingness-to-accept disparity. In a laboratory … experiment, we compare four different second-price auction formats for procuring a good. The four formats are a sealed …-bid auction and three di erent descending-clock auctions. We assume that a bidder's willingness-to-accept exceeds his willingness …

to auction prices substantially below those expected in second-price auctions. Our results reveal that the observed price … BIN prices to eBay auctions has an enhancing effect: the eBay BIN auction is more efficient and generates significantly …In Buy-It-Now (BIN, hereafter) auctions, sellers can make a "take-it-or-leave-it" price offer (BIN price) prior to an …

auctions. Academic research on multi-sourcing procurement auction typically analyzes these auctions as stand-alone events. In … that might fail to deliver. The buyer conducts a procurement auction to determine contract suppliers and can choose between …-maximizing suppliers who might fail to deliver. The buyer conducts a procurement auction to determine contract suppliers and can choose …

We consider a multi-dimensional procurement problem in which sellers have private information about their costs and … Bayesian procurement mechanism that implements the efficient allocation under the constraint that sellers are protected by …

settings in which the class of optimal mechanisms has a deferred acceptance auction representation which allows an … implementation with a descending-clock auction. Only in the case of symmetric projects do price clocks descend synchronously such …

Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constrained optimal award … procedure: The procurer awards the contract via a price-only auction and cannot commit not to renegotiate. If cost differences … price exceeds the initial price. Moreover, the procurer cannot benefit from using a multi-dimensional auction, i.e., under …

cognitive skills. Employing an order-balanced design, we use first-price auctions (FPAs) to expose participants to an auction …Overbidding in sealed-bid second-price auctions (SPAs) has been shown to be persistent and associated with cognitive …