Outputs (13)

Seller Compound Search for Bidders (2023)
Journal Article

This article studies a seller's compound search for bidders by a deadline. We show that the optimal search outcomes can be implemented by a sequence of second‐price auctions, characterized by declining reserve prices and increasing search intensities... Read More about Seller Compound Search for Bidders.

Public investment as downward benefit distribution: Theory and evidence from China’s public–private partnership programs (2023)
Journal Article

Although previous studies have documented the political cycle of public investment in various countries, we still know little about its distributional consequences. We address this question by analyzing an emerging form of public infrastructure inves... Read More about Public investment as downward benefit distribution: Theory and evidence from China’s public–private partnership programs.

The Consequence of Takeover Methods: Schemes of Arrangement vs. Takeover Offers (2022)
Journal Article

This paper examined the effect of two selling processes in the UK market: takeover offers and schemes of arrangement. The latter is argued to allow a bidder to acquire a target company more cheaply and easily because schemes provide a lower threshold... Read More about The Consequence of Takeover Methods: Schemes of Arrangement vs. Takeover Offers.

Sequential Search with Adaptive Intensity (2021)
Journal Article

This paper studies sequential search problems, where a searcher chooses search intensity adaptively in each period. We fully characterize the optimal search rule and value, decomposing the inter-temporal change of search intensity into the fall-back... Read More about Sequential Search with Adaptive Intensity.

Participation and Welfare in Auctions with Default (2019)
Journal Article

In an auction with costly participation, we show that bidder default may cause social welfare loss through (i) the possibility of no trade and (ii) the under participation of bidders in equilibrium. We also provide closed-form solutions to the model.

Equilibrium Competition, Social Welfare and Corruption in Procurement Auctions (2019)
Journal Article

We study the effects of corruption on equilibrium competition and social welfare in a public procurement auction. A government pays costs to invite firms to the auction, and a bureaucrat who runs the auction may request a bribe from the winning firm.... Read More about Equilibrium Competition, Social Welfare and Corruption in Procurement Auctions.

Policy Choice and Economic Growth under Factional Politics:Evidence from a Chinese Province (2017)
Journal Article

This paper investigates how political elites make policy choices that have bearing on an authoritarian regime's economy, from the perspective of factional politics. A local leader makes policies primarily to secure his political survival, which is co... Read More about Policy Choice and Economic Growth under Factional Politics:Evidence from a Chinese Province.

Ranking Equilibrium Competition in Auctions with Participation Costs (2017)
Journal Article

This paper studies the degrees of equilibrium competition in three common forms of auctions with costly participation, and shows that, when bidders’ valuation distribution is concave, there is a simple condition to rank the equilibrium competition of... Read More about Ranking Equilibrium Competition in Auctions with Participation Costs.

Disclosure or not, when there are three bidders? (2016)
Journal Article

This paper provides a more general sufficient condition than Hummel and McAfee (2015) for optimal information disclosure in auctions when there are three bidders. We show that the optimal disclosure policy is related to the skewness of the distributi... Read More about Disclosure or not, when there are three bidders?.

Revealing Product Information to Bidders with Differentiated Preferences (2013)
Journal Article

Seller cheap talk in almost common-value auctions. (2012)
Journal Article

We study seller cheap talk problem in a modified almost common value auction, where there are potential entrants who need to pay entry costs for entering the auction. In almost common value auctions, a seller suffers great revenue losses due to the a... Read More about Seller cheap talk in almost common-value auctions..

Regulating Risk-averse Producers: The Case of Complementary Products (2010)
Journal Article

Policy Burden, Privatization and the Soft Budget Constraint (2008)
Journal Article