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- W3091406093 abstract "In this study, we formulate and estimate a dynamic procurement auction game where bidder asymmetry due to synergy is endogenous. The seller sells multiple goods via a sequence of first‐price auctions. While bidders are ex‐ante symmetric, the first‐period winner has a valuation advantage as a result of such synergy in the second‐period bidding game and becomes a strong bidder. This endogenous synergy creation leads to overbidding in the first‐period auction relative to a static bidding game. We characterize the equilibrium in terms of the observed bid distribution and suggest a two‐step estimation procedure. We apply our method to data on OCS oil‐tract auctions. We find that the federal government recovers 52% of the “strong” buyers’ willingness to pay in the second period. Bidders perceive the value of synergy to be about 5% of their first period’s informational rent. Counterfactual experiments show that government revenue could have increased by about 27% under alternative selling mechanisms." @default.
- W3091406093 created "2020-10-08" @default.
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- W3091406093 date "2020-12-14" @default.
- W3091406093 modified "2023-10-10" @default.
- W3091406093 title "Strategic Overbidding in Dynamic Auctions: Structural Estimation of Value of Synergy" @default.
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- W3091406093 doi "https://doi.org/10.1111/poms.13282" @default.
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