BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:64535fabb4add9c1a95b0719f7da8040
CATEGORIES:Seminars
CREATED:20170421T173521
SUMMARY:Hidenori Takahashi - University of Mannheim
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Bidding for Contracts under Uncertain Demand: Strategic Adjustment and Risk
  Sharing\nAbstract:\n We empirically investigate the differential impacts o
 f two contractual formats, called Fixed-Price contracts (FP) and Unit-Price
  contracts (UP), on firm behavior and contract outcomes in procurement auct
 ions.\n To deal with the procurer’s selection of contract formats, we explo
 it exogenous variation in (i) procurer’s backlog level, and (ii) state depe
 ndence in the use of the two contract formats. We estimate that FP would re
 duce the winning price bid by more than 20%, and reduce the likelihood of p
 articipating in an auction by 6% relative to UP for the projects with mediu
 m level of project risk. We embed FP and UP in a model of bidding for a con
 tract, capturing the tradeoff between ex-post adjustment in payment and the
  risk-sharing. We show that the model is semiparametrically identified. A s
 imulation result suggests that switching from UP to an incentive contract w
 ould reduce the cost of procurement by X%.\n
DTSTAMP:20260423T021237Z
DTSTART:20161013T173000Z
DTEND:20161013T190000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR