| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7429 |
| DP7429 Labor-Market Matching with Precautionary Savings and Aggregate Fluctuations | |
| Aysegul Sahin; Toshihiko Mukoyama | |
| 发表日期 | 2009-08-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We compare the most common methods for selling a company or other asset when participation is costly: a simple simultaneous auction, and a sequential process in which potential buyers decide in turn whether or not to enter the bidding. The sequential process is always more efficient. But pre-emptive bids transfer surplus from the seller to buyers. Because the auction is more conducive to entry - precisely because of its inefficiency - it usually generates higher expected revenue. We also discuss the effects of lock-ups, matching rights, break-up fees (as in takeover battles), entry subsidies, etc. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Auctions Entry Jump bidding Procurement Sequential sales |
| URL | https://cepr.org/publications/dp7429 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536265 |
| 推荐引用方式 GB/T 7714 | Aysegul Sahin,Toshihiko Mukoyama. DP7429 Labor-Market Matching with Precautionary Savings and Aggregate Fluctuations. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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