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Deregulation of railways: An analysis of the procurement auctions in Jönköpings Län
Jönköping University, Jönköping International Business School, JIBS, Economics.
2006 (English)Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
Abstract [en]

Railways have played an important role for the Swedish economy throughout the 20th into the 21st century since it provides good connections between urban and rural regions and also within them. However, it has been very costly for the state to run this activity and a significant effort to reduce costs and to increase the efficiency for this sector was to introduce procurement auctions where also private firms are invited to lay bids.

Four auctions have taken place in Jönköpings Län since its introduction in 1990. It has been a turbulent time economically for the winning bidders and the phenomena winner’s curse is evident where the bidder with highest over-estimate wins and therefore faces high costs or low returns.

This study points at flaws in the auction design as the reason for the economical difficulties for the winning firms. If second-price sealed bid auctions or first-price sealed bid auctions were used instead of a combination of first-price sealed auction and English auction, the winner’s curse phenomena could be reduced or even eliminated.

Place, publisher, year, edition, pages
2006. , p. 21
Keywords [en]
Deregulation, Procurement auctions, Winner's curse
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-349OAI: oai:DiVA.org:hj-349DiVA, id: diva2:4055
Uppsok
samhälle/juridik
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Available from: 2006-03-17 Created: 2006-03-17

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf