Dynamics between patent latent variables and patent price

This paper focuses on studying the relationship between patent latent variables and patent price. From the existing literature, seven patent latent variables, namely age, generality, originality, foreign filings, technology field, forward citations, and backward citations were identified as having an influence on patent value. We used Ocean Tomo's patent auction price data in this study. We transformed the price and the predictor variables (excluding the dummy variables) to its logarithmic value. The OLS estimates revealed that forward citations and foreign filings were positively correlated to price. Both the variables jointly explained 14.79% of the variance in patent pricing. We did not find sufficient evidence to come up with any definite conclusions on the relationship between price and the variables such as age, technology field, generality, backward citations and originality. The Heckman two-stage sample selection model was used to test for selection bias.     

在线拍卖数据价格敏感度量化实证研究

近年来,以C2C为主要形式的中国网络购物发展迅速,价格成为影响网上消费者购物决策行为的主要因素之一,如何对消费者价格敏感度进行量化逐渐成为关注的焦点。以淘宝网一口价数据为样本,实证研究了网购用户价格敏感度的量化问题,进行了商品价格与信用度偏相关分析,旨在为商品定价提供了建议。     

Water markets in Australia: an experimental analysis of alternative market mechanisms

Formal water markets in Australia began as uniform price open call markets. As water markets in Australia continue to expand and mature, water managers are introducing double auction water markets, believing that such markets will produce more efficient outcomes. It is therefore timely and policy relevant to explore the relative merits of the two auction mechanisms in context. To date, experimental comparisons of these auction mechanisms have been based on balanced, single unit designs with defined buyers and sellers. However, many resource markets involve trade in multiple unit, often thin, double auction markets. This paper questions whether a multiple unit double auction performs as well as the more traditional open multiple unit call auction in a series of thin water market experiments.     

基于拍卖理论构建物流采购在线交易系统研究

瞬息变化的市场资金流、信息流、物资流的综合作用使大量物流项目具有不同的服务供需特征,从而要使物流市场资源实现最优配置需要解决信息的传播和成本揭示的问题。在这信息结构下拍卖是最为简单易行的交易方式之一,文章探讨了基于现代互联网技术,构建汇聚整个区域市场的物流供需信息的拍卖交易平台的重要功能及理论。     

Does Taste Beat Food Safety? Evidence From the “Pêra Rocha” Case in Portugal

Nowadays, fresh fruits such as pears are differentiated by cultivars, origins, and appearances, as well as by companies' production and processing methods. We may now observe many denominations of origin, retailers,' and private labels in order to signal the differentiation to the consumers, who are often willing to pay large price premiums for products with specific attributes. In this article, we used an experimental auction to assess how information on quality attributes affects consumers' willingness to pay for different types of pears. The main results show that information on the products' characteristics related to food safety instantly influences consumers' willingness to pay. However, it appears that in the end, sensory intrinsic attributes related to taste beat the guarantee of food safety in driving the buying behaviour.     

基于两步分布协同拍卖的多机协同任务分配

针对多异构机载平台对不同类型的地面目标执行攻击任务的协同任务分配问题,以平台载弹量以及摧毁任务目标的需弹量建立平台与任务之间的关系,以各平台的任务序列以及执行任务时的武器使用量序列作为决策变量,在基地-任务航路矩阵和任务-任务航路矩阵的基础上,综合考虑平台武器约束、平台航程约束、任务需弹量等约束,建立多机协同任务分配模型。设计了两步分布协同拍卖算法,通过多次生成任务的拍卖招标顺序和基地的拍卖竞标顺序,实现了多机协同任务分配问题的优化求解。仿真结果表明,所建模型和求解算法能够有效合理地解决多机协同对地攻击的任务分配问题。     

The impact of deal‐proneness on WTP estimates in incentive‐aligned value elicitation methods

Even after controlling for hypothetical biases, some incentive‐aligned value elicitation methods still produce different willingness‐to‐pay (WTP) estimates. In this study, we compare WTP estimates from three incentive‐aligned value elicitation methods: real choice experiment (RCE), real double‐bounded dichotomous contingent valuation (RCVM), and Becker–DeGroot–Marschak auction (BDM). We find that participants’ aggressiveness in obtaining low prices (i.e., “deal‐proneness”) influences WTP estimates in the BDM auction, but not those elicited from the RCE and RCVM. The participants with higher levels of deal‐proneness tend to submit lower bids in the BDM auction. The discrepancies in WTP estimates between different incentive‐aligned procedures are narrower for participants with lower levels of deal‐proneness. Our results indicate that the bids in BDM auctions may be understated and the auction mechanism may induce the “gambling behavior” of people who are deal‐prone. That is, whether the BDM auction is truly incentive‐aligned is again called into question. We also discuss the practical implications for food retailers.     

Collusion Without Conspiracy: An Experimental Study of One-Sided Auctions

The study investigates collusion-nonfacilitating features of one-sided auctions. We report the results of oral nondescending bid auction experiments in which the strict bid improvement rule was absent, and compare them with the results of sealed bid auction experiments. In the sealed bid experiments the outcomes converged to the competitive equilibrium. In the oral auctions, collusive outcomes emerged and were sustained with bidders using bid matching strategies. We conclude that oral auctions provide opportunities for tacit coordination and collusion enforcement that do not exist under the sealed bid. Therefore, the strict bid improvement rule becomes critical for breaking collusion.     

Auctions with and without the Right of First Refusal and National Park Service Concession Contracts

The National Park Service has struggled to improve the quality of service provided by concessioners for decades. To address these concerns, the Park Service eliminated the right of first refusal from the largest revenue-generating concession contract auctions beginning in 2000. This article provides models of concession contract auctions with and without the right of first refusal. The optimal bidding strategies and expected level of service are found. The results confirm the auction without the right of first refusal leads to bids that include a higher level of service.     

Effects of law on corporate financing practices—international evidence from convertible bond issues

Firms can adjust their convertibles to be more debt-like or equity-like through several contract terms. In particular, by providing call protection, a convertible issuer can assure its convertible bondholders that it will not force them to become equity holders during the call protection period. The possibility of a forced conversion instituted by an early call should be more threatening to investors in an economy where local laws are biased against shareholders. I examine call protection terms in an international sample and find evidence consistent with the hypothesis that convertible bond design varies based on the features of local law.