This paper investigates whether the bidding induces the occurrence of herding, and analyses the effects of behavioral factors, information, and fundamental characteristics of real estate on the performance of bank auction. Our sample is from July 2001 to January 2003, the real estate that intermediaries sold was held by bank in Taiwan, including 363 the real estate and the price of bidding under bank auction. We obtain some interesting implication. First of all, we find that herding of bidding not only could explain premium but also discount. After controlling informational factors and fundamental characteristics of real estate, it could not weaken the significance of herding of bidding. For the strategy of the reserve price by the vendor, the higher discount is to encourage bidding actively, which is consistent with the view of Welch (1992). Secondly, we find bidders could easily reduce search cost by observing the bidding of competitors under bank auction, and herding of bidding on the auction process could enhance efficiency of information aggregation. Furthermore, herding of bidding makes the performance of auction different between court and bank. Finally, we overcome the selective bias and find the real estate held by bank had poor performance under court auction; however, the real estate held by court had better performance under bank auction. This implies the mechanism of court auction should be transformed into the open-outcry bidding in order to achieve effective recovery of debt and the policy of reducing losses. Robustness analysis of this study, first of all, for the herd measure that not isolated from informational factors, we find the insignificant effect of behavioral factors on the performance of English mechanism, and auction premium and discount are dominated by the informational factors. Secondly, the choice of the methods about true value of real estate may affect the conditional probability of the herd measure, and make inconsistent conclusions that the effect of behavioral factors on the performance of English mechanism. Whether we choose cluster analysis or regression method to obtain the true value of real estate, the conclusion that the effect of behavioral factors on the performance of English mechanism could be supported, and those can not switch the results of the minimum sum method. Thus, the conclusion that behavioral factors influence the performance of the auction is full of evidences.

No description available.

The English online auction creates great business opportunities. However, it¡¦s different from traditional English auction in long bidding time, wide area, high risk, massive information, and low switching cost. It makes bidders easy to search information of the goods but difficult to win the auction. The bidders' transaction cost structure has changed from information phase to agreement phase. So, the bidders need more precise supporting tools to help them make decisions. The aim of this research is to investigate two-person optimal bidding strategies under three dimensions of the decision space: the sequence decision (bid firstly or later), the bid decision (bid or quit), and the jump decision (minimum increase or jump bid). It is assumed that there are two bidders competing in one auction. Variables associated with the auction system include the floor price and the minimum increase. Variables associated with the bidders include the private value of the bidding object, and the cost of bid per turn. Strategies were evaluated based on the following criteria: who wins, how many turns to win the bid, the deal price, the utility of the winner and the loser, the probability of winning, and the expected utility. The results indicate that every strategy has its advantages and disadvantages under certain conditions. This research provides guiding rules for the bidders to choose a better strategy.

Submitted by Lucas Ferreira Matos Lima (ferreiroxlima@gmail.com) on 2018-06-21T18:41:51Z No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) / Approved for entry into archive by Katia Menezes de Souza (katia.menezes@fgv.br) on 2018-06-25T13:48:59Z (GMT) No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-06-25T16:51:04Z (GMT) No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) / Made available in DSpace on 2018-06-25T16:51:04Z (GMT). No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) Previous issue date: 2018-05-28 / This thesis study the damages a cartel can generate on public procurements. Specifically, we study collusion on a lowest price English auction with endogeneous entry. We show that assuming endogeneous entry with a collusive behavior can generate two important outcomes on auctions: (i) alocative inefficiency and (ii) the prices of auctions lost by the cartel can be affected. So this work contributes with the recent discussion antitrust authorities are having on the relevance of calculating cartel damages. We also study a medicine cartel case that operated in Sao Paulo public procurements and use reduced form models to find evidence of it’s presence. Lastly, we use equilibrium conditions from our model to create counterfactual scenarios of the medicine cartel case. Doing simulations, we find the cartel generated an overcharge of 10%, but did not created alocative inefficiency. / Essa tese estuda os possíveis danos que um conluio pode causar em licitações do governo. Especificamente focamos em um ambiente de leilão Inglês de menor preço com entrada endógena dos participantes. Nós mostramos que ao adotarmos as hipóteses de endogeneidade da entrada dos participantes em conjunto com a estratégia de conluio do cartel, dois possíveis danos podem ser causados: (i) ineficiência alocativa e (ii) os preços de leilões em que o cartel perdeu serem afetados. Esse trabalho contribui com a recente discussão que agências antitrustes estão tendo sobre a importância de quantificar os danos de um cartel. O trabalho também estuda um caso de cartel em licitações públicas de remédios no estado de São Paulo e utiliza modelos de forma reduzida para identificar a presença do conluio. Por fim, fazemos simulações usando as estratégias de equilíbrio derivadas do modelo teórico para construir contrafactuais das licitações mencionadas anteriormente. Neste caso encontramos um sobrepreço causado pelo cartel de 10%, mas não encontramos um aumento da ineficiência alocativa.

This dissertation attempts to provide a comprehensive examination on the non-market valuation of the effect of open space amenities and local public infrastructure on the value of urban land and housing with both spatial heterogeneity and project heterogeneity. The demand for raw land is a derived demand for housing built on it. Therefore, we need to examine the land market and the housing market together. On the one hand, we estimate the value of urban land in a market that does not satisfy the usual assumptions of a competitive market structure as well as incentive incompatibility issues for transaction participants, with an application to a Chinese regional wholesale land market. These two violations to the traditional hedonic theory also generate two separate valuations on land with differentiated characteristics. On the other hand, we utilize the relative plane coordinates system, the three-dimensional distances, as well as the aggregate weight matrix, to implement the spatial hedonic estimation on the high-rise residential buildings in the same regional housing retail market in China. After these two steps, this dissertation, therefore, focuses on the profit maximization behavior of the property developer, which is the key role to link the factor market (i.e., the land market) and the commodity market (i.e., the housing market) together. Two methods are then employed to implement the hypothesis test on the hedonic price estimation including both inputs and outputs. First, a set of partial derivatives of the profit function with respect to various characteristics gives us the relationship between the marginal valuations in the land market and in the housing market. Second, we introduce a joint estimation approach that we call the spatial full information maximum likelihood (SFIML), which considers the land market, the housing market, and the property developer's profit maximization behavior all together in the estimation. Finally, we conduct a hypothesis test in both of these two scenarios to examine the validity of our linked markets assumption on the hedonic price estimation.

Submitted by Marcos Paulo de Jesus (mpj@gvmail.br) on 2018-07-11T20:46:04Z No. of bitstreams: 1 Jesus - Um estudo de caso entre 3 tipos de leilão reverso sob a perspectiva de uma organização de compras.pdf: 883117 bytes, checksum: 78501c0ba874ec5e74051216e041b45a (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-07-13T22:22:34Z (GMT) No. of bitstreams: 1 Jesus - Um estudo de caso entre 3 tipos de leilão reverso sob a perspectiva de uma organização de compras.pdf: 883117 bytes, checksum: 78501c0ba874ec5e74051216e041b45a (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-07-16T13:29:20Z (GMT) No. of bitstreams: 1 Jesus - Um estudo de caso entre 3 tipos de leilão reverso sob a perspectiva de uma organização de compras.pdf: 883117 bytes, checksum: 78501c0ba874ec5e74051216e041b45a (MD5) / Made available in DSpace on 2018-07-16T13:29:20Z (GMT). No. of bitstreams: 1 Jesus - Um estudo de caso entre 3 tipos de leilão reverso sob a perspectiva de uma organização de compras.pdf: 883117 bytes, checksum: 78501c0ba874ec5e74051216e041b45a (MD5) Previous issue date: 2018-06-11 / Essa dissertação é um estudo de caso experimental em laboratório com três tipos de leilão reverso, visando aplicar as lições aprendidas no experimento a um caso real. Como há diversos tipos de leilão disponíveis, selecionar a modalidade mais indicada para um processo de compras torna-se um problema relevante para que uma empresa compradora consiga o melhor resultado do ponto de vista de redução de custo e continuidade do negócio. Fundamentado nisso, o objetivo dessa dissertação é identificar qual a modalidade de leilão pode trazer o melhor resultado do ponto de vista da empresa que está realizando a compra. Dessa forma, foi selecionado um item específico a ser comprado pela empresa, nesse caso um serviço de transporte de carga excedentes, e solicitado a fornecedores selecionados que enviassem propostas de fornecimento com o objetivo de atender à solicitação de cotação (RFQ, ou request for quotation) e, baseado nessas propostas, foi elaborada uma série de simulações em laboratório de três tipos de leilão: leilão reverso inglês, leilão reverso japonês e leilão de primeiro preço em envelope fechado. Após a execução desse experimento, foi selecionada a modalidade de leilão que gerou os melhores resultados esperados pela companhia, nesse caso o menor lance entre os participantes, e aplicada em um caso real, cujo resultado foi reportado nesse trabalho para enriquecer a aplicabilidade dessa dissertação. Com base nesses resultados foi possível comparar o efeito de redução de custos entre esses três tipos de leilão para então aplicá-los em situações futuras. / This dissertation is an experimental case study with three different types of reverse auction in a laboratory aiming to apply the lessons learned in the simulations to a real case. As there are several auctions types available in the software used by companies, selecting the most suitable type for a specific procurement process becomes a relevant problem for a company aiming to get the best result regarding cost reduction and business continuity. Based on that, the goal of this dissertation is to identify which type of auction may lead to the best result from the perspective of the buyer. Thus, it was selected one specific item to be purchased by the company, in this case heavy lift transportation services and it was asked to some suppliers to submit proposals to meet the request for quotation (RFQ). Based on these proposals, it was designed a series of auctions simulations in a laboratory of three types of auctions (reverse English auction, reverse Japanese auction and first price sealed envelope auction). After the performance of these simulations in a laboratory, the type of auction that generated the best results expected by the company, in this case the one with the lowest winning bid from bidders, was selected, applied in a real case situation and the result was reported to enrich the application of this dissertation. Based on these results it is possible to infer the cost reduction effect of these three types of auction and apply it further in the procurement processes.

Many people still confused and misunderstand the differences between auction types: In fact, we have only two major types of auctions which are the forward auction and Reverse auction[22]. In a forward auction a single seller offers an item for sale with many competitive buyers driving the price upward: In a Reverse Auction, a single buyer wants to purchase a service or an item from many sellers, they drive the price downward: There are many differences between these type of auction: Including the progress of the auctions; winner selection criterion and other factors: The Reverse Auction nowadays is one of the most preferred types of online auctions: It gains popularity rapidly because of representing the buyers' side and helps him to drive prices down in contrary with the forward auction or traditional auction. The aim of this study is to identify the most common types of the Reverse auctions and compare them to one another to determine when should be used by a buyer and propose the most efficient implementation model for some types: The results of this study are: achieve a written report and a small demonstrator model on how to implement English Auction and Second-Sealed bid Auction.