Seminar of the Finance and Economics Department at TSEBA 19. septembril
Seminar of the Finance and Economics Department at TSEBA toimub kolmapäeval, 19. septembril kell 16.00-17.00 ruumis X-415. Seminar toimub inglise keeles.
Aaro Hazak, TSEBA, will present his recent paper :
Bid Rigging in Simultaneous Procurement Auctions under Oligopoly.
The purpose of the paper is to present a conceptual argumentation on the causes and consequences of potential bid rigging in a specific situation, where simultaneous bids for similar services or goods are asked from oligopolists. Splitting of large procurements into several smaller ones has been propagated as a way of enhancing competition. It appears however that calling for similar bids simultaneously might give extra motivation for collusion among bidders, while arranging several consecutive procurement auctions could be a better alternative. Furthermore, bid rigging remains more complicated to detect under simultaneous procurement auctions due to a larger degree of uncertainty for bidders, which supports relatively high bid prices that may actually be collusive. Moreover, simultaneous procurement auctions may result in a relatively high cost of supply due to the (seemingly) larger risks involved for bidders.
The seminar is held in English. Copies of the paper will be available at the seminar.
Everyone is welcome. Please feel free to share this invitation!
Questions regarding the seminar can be addressed to Liis Saks, liis dot saks at tseba dot ttu dot ee.