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| Bogetoft, Peter; Nielsen, Kurt. |
| This paper discuss the design of multidimensional yardstick based procurement auction. The suggested design combines Data Envelopment Analysis (DEA) based yardstick schemes with the multidimensional score auction. The principal select a single winner to perform a project, characterized by a multidimensional vector. The design is especially useful when there are uncertainty about the underlying common cost structure as well as the principal's valuation function. Potential applications in natural resource management is provided. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2003 |
URL: http://purl.umn.edu/25910 |
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| Nielsen, Kurt. |
| Payment entitlements is a new commodity that arises from the new European common agricultural policy. The agricultural subsidies are decoupled from the actual production and replaced by the so-called payment entitlements. A payment entitlement has a farm specific value and may be freely traded. This paper discusses the complexity of this new market and suggests an auction that simplifies the complexity. The suggested auction allows a buyer to simultaneously bid on all payment entitlements. The prices are found by a tatonnement that monotonically approximates the equilibrium prices for the different types of payment entitlements for sale. The auction enhances the competition and efficiency of the market, which is essential for the individual members of the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Auction; Multiple goods; Bidding agents; Tatonnement; Agricultural subsidies; Agricultural Finance; D44; Q13. |
| Ano: 2005 |
URL: http://purl.umn.edu/24566 |
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