Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 고영우 | - |
dc.date.accessioned | 2019-11-25T01:00:43Z | - |
dc.date.available | 2019-11-25T01:00:43Z | - |
dc.date.issued | 2017-05 | - |
dc.identifier.citation | INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, v. 52, page. 393-426 | en_US |
dc.identifier.issn | 0167-7187 | - |
dc.identifier.issn | 1873-7986 | - |
dc.identifier.uri | https://www.sciencedirect.com/science/article/pii/S0167718716301217?via%3Dihub | - |
dc.identifier.uri | https://repository.hanyang.ac.kr/handle/20.500.11754/113923 | - |
dc.description.abstract | We study an auction contest for a procurement of innovation. Firms exert effort and the resulting quality of innovation is ex ante uncertain. Given this uncertainty, there is a trade-off regarding tile number of participating firms in the contest: increasing the number of firms reduces each firm's chance of winning the auction, leading the firms to reduce effort level; meanwhile, the chance of obtaining a high quality of innovation increases with the number of firms due to the randomness of the quality. Thus, the procurer faces a nontrivial problem of how many firms to invite. We show that in the high level of randomness, it is optimal for the procurer to invite many firms. As the randomness vanishes, however, inviting only two firms is optimal. We also show that a fixed-prize tournament may outperform the auction when the randomness is large. (C) 2017 Elsevier B.V. All rights reserved. | en_US |
dc.description.sponsorship | I wish to thank Yeon-Koo Che, Chang-Koo Chi, Booil Philip Jeon, Navin Kartik, Jinwoo Kim, Kyungmin Kim, Eiichi Miyagawa, Keeyoung Rhee, Mike Riordan and seminar participants at Columbia University, Yonsei University, Hanyang-Kobe-Nanyang Conference, Korean Economic Association Conference, and KIET. I also thank two anonymous referees for their insightful and constructive comments. Financial support from Hanyang University (HY-2014-G) is gratefully acknowledged. | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | ELSEVIER SCIENCE BV | en_US |
dc.subject | Procurement | en_US |
dc.subject | Contest | en_US |
dc.subject | Auction | en_US |
dc.subject | Innovation | en_US |
dc.subject | Quality | en_US |
dc.title | Incentive and sampling effects in procurement auctions with endogenous number of bidders | en_US |
dc.type | Article | en_US |
dc.relation.volume | 52 | - |
dc.identifier.doi | 10.1016/j.ijindorg.2017.02.006 | - |
dc.relation.page | 393-426 | - |
dc.relation.journal | INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION | - |
dc.contributor.googleauthor | Koh, Youngwoo | - |
dc.relation.code | 2017016594 | - |
dc.sector.campus | S | - |
dc.sector.daehak | COLLEGE OF ECONOMICS AND FINANCE[S] | - |
dc.sector.department | DIVISION OF ECONOMICS & FINANCE | - |
dc.identifier.pid | ywkoh | - |
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