September 2009
Intermediate to advanced
336 pages
9h 37m
English
Content preview from Auction Theory, 2nd Edition
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Chapter | Eleven
Bidding Rings
We have looked at an assortment of models with varying features: the auction
format, the valuation structure, the informational structure, and so on. The one
common feature across all these models has been the assumption that bidders
make their decisions independently; that they do not act in a concerted way.
In other words, the bidders were assumed to be engaged in a noncooperative
game. This chapter explores some issues that arise when a subset, or possibly
all, of the bidders act collusively and engage in bid rigging with a view to
obtaining lower prices. The resulting arrangement—a bidding ring—resembles
an industrial cartel and many of the issues surrounding cartels resurface in this
context. How can the cartel enforce ...
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