Get Auctioning Public Assets: Analysis and Alternatives PDF

By Maarten Janssen

ISBN-10: 0511166311

ISBN-13: 9780511166310

ISBN-10: 0521830591

ISBN-13: 9780521830591

Governments are presently privatizing agencies that have been formerly less than public regulate in lots of international locations. supplying an outline of the commercial matters interested by this move of possession of public resources, this e-book combines a theoretical framework with case experiences. It asks which allocation mechanism a central authority can undertake and the way the alternative of allocation mechanism will have an effect on destiny industry results. Contributions from foreign specialists supply an available creation to public sale idea during this necessary non-technical research.

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Extra resources for Auctioning Public Assets: Analysis and Alternatives

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And P. Klemperer 2002, ‘The biggest auction ever’, Economic Journal 112: 74–96. , A. Ros and N. van der Windt 2001, ‘De draad kwijt? Onderzoek naar de gang van zaken rond de Nederlandse UMTS-veiling’ (Research into the proceedings of the Dutch UMTS auction), Erasmus University Rotterdam. Manelli, A. and D. Vincent 1995, ‘Optimal procurement mechanisms’, Econometrica 63: 591–620. Part I Theory 1 Auction theory for auction design Tilman B¨orgers and Eric van Damme 1 Introduction In this introductory survey we review research papers on auction theory that may be of relevance to the design of auctions of government assets in general, and of spectrum licence auctions in particular.

The best-known open procedure is the ascending, or English, auction, in which the price is raised until just one bidder is left. This bidder then wins the object at the price at which the ultimate competitor dropped out. In practice, one observes a large diversity of English auction forms: the auctioneer may announce successive prices, or the initiative for calling out prices may lie with the bidders themselves; bidders may know which competitors are still in the race, or they may be denied this information, etc.

Is an increasing function. ), let us check under what conditions player 1 finds it optimal to bid B(x) for any possible value x that he might have. ), his payoff would be u( y | x) = x − B( y) 0 if v2 < y if v2 > y (7) which would yield the expected payoff Eu( y | x) = [x − B( y)]y. ) is increasing, so that the bid B( y) is winning if and only if y > v 2 and, second, that v 2 is uniform on [0,1] so that y = Prob[v 2 < y]. Player 1 wants to maximise his payoff, so he wants to choose y such that Eu( y | x) is maximal.

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Auctioning Public Assets: Analysis and Alternatives by Maarten Janssen


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