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UID:64535fabb4add9c1a95b0719f7da8040
CATEGORIES:Seminars
CREATED:20170421T173521
SUMMARY:Hidenori Takahashi - University of Mannheim
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Bidding for Contracts under Uncerta
 in Demand: Strategic Adjustment and Risk Sharing</strong></p><p style="text
 -align: justify;">Abstract:<br /> We empirically investigate the differenti
 al impacts of two contractual formats, called Fixed-Price contracts (FP) an
 d Unit-Price contracts (UP), on firm behavior and contract outcomes in proc
 urement auctions.<br /> To deal with the procurer’s selection of contract f
 ormats, we exploit exogenous variation in (i) procurer’s backlog level, and
  (ii) state dependence in the use of the two contract formats. We estimate 
 that FP would reduce the winning price bid by more than 20%, and reduce the
  likelihood of participating in an auction by 6% relative to UP for the pro
 jects with medium level of project risk. We embed FP and UP in a model of b
 idding for a contract, capturing the tradeoff between ex-post adjustment in
  payment and the risk-sharing. We show that the model is semiparametrically
  identified. A simulation result suggests that switching from UP to an ince
 ntive contract would reduce the cost of procurement by X%.</p>
DTSTAMP:20260423T021455Z
DTSTART:20161013T173000Z
DTEND:20161013T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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