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• W629960710 abstract "The first two chapters of my dissertation are essays on estimation of procurement auctions with secret reserve prices. In the last chapter, I develop a test on strong disposability versus weak disposability for non-parametric data envelopment analysis (DEA) estimators. In auctions with secret reserve prices, the possibility that the item goes unsold in the first round generates a particular form of multi-round auction in which information on bids is revealed after each round. If bidders have an imperfect estimate of project costs, the information revealed by observing the bids of others in the previous round can mitigate the classic winner’s curse problem that arises when firms’ costs share a common component. Using data from the Indiana Department of Transportation (INDOT), I test for the existence of a common value component and analyze how releasing bid information helps to cure the winner’s curse using reduced form analysis and structural estimation. I find that the common value component in bidders’ costs have a more important role in round 1 than later rounds. The released bid information cures the winner’s curse by providing bidders with more accurate cost estimates. Counterfactural studies indicate that using secret reserve prices benefits a government under a common value paradigm as opposed to public reserve prices. Previous studies on multi-round procurement auctions assume bidders are risk neutral and myopic. I make the extension by allowing bidders being risk averse and forward looking. Using the data from INDOT, I estimate the structural model with myopic bidders and detect risk aversion of bidders. I then estimate the model with forward looking bidders. Using results of structural estimation, I conduct a series of counterfactual studies to address the following question: which of the following is the best selling mechanism in terms of the government expenditure and the probability of no sell, auctions with public reserve prices, secret reserve prices, no reserve price or some other format? Non-parametric DEA estimators have been widely applied in analyses of productive effi-" @default.
• W629960710 created "2016-06-24" @default.
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• W629960710 date "2015-01-01" @default.
• W629960710 modified "2023-09-24" @default.
• W629960710 title "Estimation of Procurement Auctions with Secret Reserve Prices" @default.
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