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Book part
Publication date: 2 May 2011

Dallas Burtraw, Jacob Goeree, Charles Holt, Erica Myers, Karen Palmer and William Shobe

Objective – This chapter examines the performance of the market to discover efficient equilibrium under alternative auction designs.Background – Auctions are increasingly…

Abstract

Objective – This chapter examines the performance of the market to discover efficient equilibrium under alternative auction designs.

Background – Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common-pool resource management programs. These auctions create thick markets that can provide important information about changes in current market conditions.

Methodology – This chapter uses experimental methods to examine the extent to which the predicted increase in the Walrasian price due to a shift in willingness to pay (perhaps due to a shift in costs of pollution abatement) is reflected in observed sales prices under alternative auction formats.

Results – Price tracking is comparably good for uniform-price sealed-bid auctions and for multi-round clock auctions, with or without end-of-round information about excess demand. More price inertia is observed for “pay as bid” (discriminatory) auctions, especially for a continuous discriminatory format in which bids could be changed at will, in part because “sniping” in the final moments blocked the full effect of the demand shock.

Conclusion – Uniform-price auctions (clock and sealed-bid uniform-price, and continuous uniform-price) generate changes in purchase prices that are reasonably close to predicted changes. There is some evidence of tacit collusion causing prices to be too low relative to predictions in most cases. The worst price tracking was observed for discriminatory auctions.

Application – Uniform-price auctions appear to perform at least as well as other auction designs with respect to discovery of efficient market prices when there are unexpected and unannounced changes in willingness to pay for permits.

Details

Experiments on Energy, the Environment, and Sustainability
Type: Book
ISBN: 978-0-85724-747-6

Content available
Book part
Publication date: 2 May 2011

Abstract

Details

Experiments on Energy, the Environment, and Sustainability
Type: Book
ISBN: 978-0-85724-747-6

Case study
Publication date: 20 January 2017

Peter Debaere

This case will lead students to a discussion of the causes and effects of hyperinflation. The link with fiscal deficits is explored, and so is the link with societal…

Abstract

This case will lead students to a discussion of the causes and effects of hyperinflation. The link with fiscal deficits is explored, and so is the link with societal changes. The particular focus is on the hyperinflation in Zimbabwe under President Robert Mugabe whose government implemented a controversial land redistribution program. The case can be taught with a class experiment—see teaching note.

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

Keywords

Book part
Publication date: 1 July 2004

Kenneth Brevoort and Howard P Marvel

This paper presents evidence to suggest that despite obstacles that made predatory pricing essentially impossible, the National Cash Register Co. (N.C.R.) managed…

Abstract

This paper presents evidence to suggest that despite obstacles that made predatory pricing essentially impossible, the National Cash Register Co. (N.C.R.) managed successfully to deploy an arsenal of non-price predatory strategies that permitted it to consolidate and maintain a nearly complete monopoly of the cash-register trade. N.C.R. took actions to raise the costs and reduce the revenues of its rivals, actions that made sense only to the extent that N.C.R. could recoup their costs through the maintenance of monopoly rents. Our analysis suggests that antitrust prosecution was a significant threat to N.C.R., and ultimately forced the company to agree to abandon its most objectionable practices.

Details

Antitrust Law and Economics
Type: Book
ISBN: 978-0-76231-115-6

Article
Publication date: 14 August 2018

Miguel Angel Ortiz-Barrios, Zulmeira Herrera-Fontalvo, Javier Rúa-Muñoz, Saimon Ojeda-Gutiérrez, Fabio De Felice and Antonella Petrillo

The risk of adverse events in a hospital evaluation is an important process in healthcare management. It involves several technical, social, and economical aspects. The…

Abstract

Purpose

The risk of adverse events in a hospital evaluation is an important process in healthcare management. It involves several technical, social, and economical aspects. The purpose of this paper is to propose an integrated approach to evaluate the risk of adverse events in the hospital sector.

Design/methodology/approach

This paper aims to provide a decision-making framework to evaluate hospital service. Three well-known methods are applied. More specifically are proposed the following methods: analytic hierarchy process (AHP), a structured technique for organizing and analyzing complex decisions, based on mathematics and psychology developed by Thomas L. Saaty in the 1970s; decision-making trial and evaluation laboratory (DEMATEL) to construct interrelations between criteria/factors and VIKOR method, a commonly used multiple-criteria decision analysis technique for determining a compromise solution and improving the quality of decision making.

Findings

The example provided has demonstrated that the proposed approach is an effective and useful tool to assess the risk of adverse events in the hospital sector. The results could help the hospital identify its high performance level and take appropriate measures in advance to prevent adverse events. The authors can conclude that the promising results obtained in applying the AHP–DEMATEL–VIKOR method suggest that the hybrid method can be used to create decision aids that it simplifies the shared decision-making process.

Originality/value

This paper presents a novel approach based on the integration of AHP, DEMATEL and VIKOR methods. The final aim is to propose a robust methodology to overcome disadvantages associated with each method.

Details

Management Decision, vol. 56 no. 10
Type: Research Article
ISSN: 0025-1747

Keywords

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