کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5096648 1376540 2012 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Risk aversion and asymmetry in procurement auctions: Identification, estimation and application to construction procurements
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات آمار و احتمال
پیش نمایش صفحه اول مقاله
Risk aversion and asymmetry in procurement auctions: Identification, estimation and application to construction procurements
چکیده انگلیسی
This article studies a model of asymmetric risk averse bidding within the independent private value paradigm. The inherent asymmetry in cost and risk aversion imposes an original restriction on the observed bid data, an exact equality which leads to the model semiparametric identification and estimation. The unobserved arguments of this equality need to be simulated in order to estimate the bidders' Constant Relative Risk Aversion or Constant Absolute Risk Aversion parameters and their heterogeneous cost distributions. In the Los Angeles City Hall construction contracts offered between 1994 and 2003, the model and methodology help reveal that financial asymmetries affect the firms' cost distribution, while experience influences their degree of risk aversion.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Econometrics - Volume 168, Issue 1, May 2012, Pages 96-107
نویسندگان
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