2020 Fiscal Year Research-status Report
Auction design for complex, interconnected, and fast-paced markets
| Project/Area Number |
20K01557
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| Research Institution | The University of Tokyo |
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Principal Investigator |
マルシャレツ ダニエル 東京大学, 大学院経済学研究科(経済学部), 講師 (50747805)
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| Project Period (FY) |
2020-04-01 – 2025-03-31
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| Keywords | Auctions / Fisheries / Government debt / Allocation of quota / Microeconomics / Collusion |
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| Outline of Annual Research Achievements |
The year 2020-2021 was very productive for this project. It resulted in one published paper, three revised working papers, and three conference presentations. Due to the COVID-19 outbreak, the last two conferences were held online.
The published paper (on central counterparty auctions) has already attracted interest both in the academic community, and also from some policy-makers.
On one of the papers (EPIC Fail), we managed to extend the theroetical model to a greater level of sophistication than initially planned, which has opened up the possibility of publishing this paper more strongly than anticipated. Beyond standard intutive results, we now have a full formal model that links the degree of below-bid pricing to incentives for coordinated bidding and collusion. The results of the thoretical model are well supported by our data. We are in the process of revising it considerably, after a particuarly helpful set of reviewer reports from a top economics jounral.
The paper on wholesale fish market auctions has had a round of submissions, and rejections from journals, and is currently under revision.
The paper on strategic supply management in treasury bill aucitons was substantially updated, and sent to a top-field journal in finance. It is still under review, as of the time of writing of this report.
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| Current Status of Research Progress |
Current Status of Research Progress
3: Progress in research has been slightly delayed.
Reason
The research on the project is progressing quite smoothly, with delays to the refereeing and publishing proecss of some of the papers. Due to the pandemic, some reviews have taken longer than expected, which has had a knock-on effect on the publication timelines that were projected.
Due to the delay in the review of a previous paper (on Central counterparty auctions), it still needed some minor revisions in early 2020, and got ultimately published during the 2020-21 academic year.
Besides that, the working papers mentioned in the proposal are either with journals, or undergoing revision for re-submission.
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| Strategy for Future Research Activity |
The plan is to proceed broadly as outlined in the origingal outline. The main priority is to revise the EPIC Fail paper, and re-submit it to a top general interest journal. The revisions are substantial, and will require a thorough re-write, but the reviewer comments have been thourough, and result in a significantly improved paper. In parallel, I will update the working paper on wholesale fish markets, and re-submit it. The paper on Philippine Treasury-bill and bond auctions is currently awaiting a response from a journal; depending on the reviewer response, the paper will eitehr be edited for publication, or resubmission eslsewhere. Due to the global effects of the pandemic, the new academic collaborations have been slow, but I aim to continue pursuitng them following the original plan.
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| Causes of Carryover |
The main reason for the change in planned expenditure pattern is due to the pandemic. According to the original plan, it was my aim to attend many international conferences and share my research there. However, due to COVID-19, travel has been impossible. Nonetheless, as the global situation improves, and travel resumes, I aim to use these funds for international travel as soon as it is possible again.
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Research Products
(10 results)
