A market in action: fuzzy information and trade-offs between operating rules in the invited tender-bid procurement auction

Article Abstract:

The invited tender-bid procurement auction preferred by oil firms creates bid price instability despite its transactional efficiency and cost economy. Under this type of auction, bidding is by invitation and bid prices remain secret. Price secrecy is intended to avoid collusion among suppliers. However, this lack of pricing information results in unstable bid prices, the very condition which the bidding by invitation seeks to avoid.

PETROLEUM AND COAL PRODUCTS, Petroleum, Petroleum and Coal Products Manufacturing, Economic aspects, Marketing, Petroleum industry, Letting of contracts, Competitive bidding

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The diffusion of consumer durables in a vertically differentiated oligopoly

Article Abstract:

The decision to cut price levels for a market with vertically differentiated durables is conditioned by the movement of price over a given period and product competition between a high-quality producer and a competing, low-quality firm. The decision by consumers not to purchase for a specific time in lieu of the opportunity to secure the better product at less cost will also affect prices.

Research, Consumer preferences, Vertical integration, Vertical markets, Oligopolies, Durable goods

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