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Empirical analysis of repeated auctions

Research Project

Project/Area Number 17K13723
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Economic policy
Research InstitutionYokohama National University

Principal Investigator

Masanori Tsuruoka  横浜国立大学, 大学院国際社会科学研究院, 准教授 (30756078)

Project Period (FY) 2017-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords競争入札 / 公共調達 / 国債 / 交渉 / 入札 / 政府の裁量性 / 繰り返しの入札 / 公共工事 / 繰り返しの関係 / 公共工事の入札 / 国債の入札 / 繰り返し入札 / 経済政策
Outline of Final Research Achievements

First, I explain a research about public-works procurement. Using data from public-works procurement in Japan, this paper examines the association between procurement outcomes and choice of auction design; specifically, scoring auctions under open procedures versus the auctions with invited bidders. The auctions under open procedures not only reduced completion time by 10 percent and the winning price by 8 percent. Next, I describe a research about government bond issuance. In 1989, the Japanese government replaced syndicate negotiations with auctions for issuing 10-year government bonds. Using this policy change as a natural experiment and a difference-in-differences methodology, this paper assesses the effect of auctions on government revenues in the primary government bond market. We find that auctions with a high level of competition are effective, bringing prices at least 1.3 percent higher than negotiated prices.

Academic Significance and Societal Importance of the Research Achievements

一般競争入札という競争を促進する政策は、工事の品質を悪化させずに工事の価格を低下させるかを実証的に検証する点が申請者の研究の特色である。更に、公共調達の市場でどのような形で競争を促進する政策が本当に効果的なのかという点は社会的にも学術的にも重要であるといえる。一方、国債の発行市場の実証研究については、既存の国債の発行市場の研究では、複数財での一位価格入札(コンベンショナル方式)と二位価格入札(ダッチ方式)の間の政府収入や効率性の差を分析してきた。それに対し、この研究は交渉と入札を比較して、国債の発行市場で入札を使うことの政府収入への効果を検証したという特色がある。

Report

(7 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (8 results)

All 2021 2019 2018 2017

All Journal Article (1 results) Presentation (7 results) (of which Int'l Joint Research: 5 results)

  • [Journal Article] The Effect of Cartels on Government Bond Revenue2021

    • Author(s)
      Masanori Tsuruoka
    • Journal Title

      SSRN Working Paper Series ( SSRN )

      Volume: -

    • Related Report
      2020 Research-status Report
  • [Presentation] Effects of Increased Competition on Prices and Quality: Evidence from Public-works Procurement2019

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      Lunchtime Workshop
    • Related Report
      2019 Research-status Report
  • [Presentation] Assessing the Effects of the Introduction of Auctions in the Primary Market for Government Bonds: Empirical Analysis2018

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      International Industrial Organization Conference
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Assessing the Effects of the Introduction of Auctions in the Primary Market for Government Bonds: Empirical Analysis2018

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      The Econometric Society Asian Meeting 2018
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Assessing the Effects of the Introduction of Auctions in the Primary Market for Government Bonds: Empirical Analysis2018

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      Contract Theory Workshop Summer Camp 2018
    • Related Report
      2018 Research-status Report
  • [Presentation] Assessing the Effects of the Introduction of Auctions in the Primary Market for Government Bonds: Empirical Analysis2018

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      XXXIII Jornadas de Economia Industrial
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Effects of Open and Competitive Auctions under a Scoring Design on Contract Price and Ex Post Performance: Evidence from Public Procurement2017

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      The Econometric Society European Meeting 2017
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] Effects of Open and Competitive Auctions under a Scoring Design on Contract Price and Ex Post Performance: Evidence from Public Procurement2017

    • Author(s)
      Masanori Tsuruoka
    • Organizer
      The Econometric Society Asian Meeting 2017
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research

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Published: 2017-04-28   Modified: 2024-01-30  

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