scholarly journals The Role of the Bidding Process in Price Determination: Jump Bidding in Sequential English Auctions

2004 ◽  
Author(s):  
Yaron Raviv
Keyword(s):  
Price Determination ◽  
English Auctions ◽  
Jump Bidding ◽  
Bidding Process

scholarly journals Medicare’s demonstration of competitive bidding for clinical laboratory services: what it means for clinical laboratories

1998 ◽  
Vol 44 (8) ◽  
pp. 1728-1734
Author(s):  
Thomas J Hoerger ◽  
Richard C Lindrooth ◽  
Jennifer L Eggleston
Keyword(s):  
Clinical Laboratory ◽  
Health Care Financing ◽  
Competitive Bidding ◽  
Process Selection ◽  
Care Environment ◽  
Laboratory Services ◽  
Technical Advisory Committee ◽  
Bidding Process ◽  
Selection Of

Abstract The purpose of Medicare’s Demonstration of Competitive Bidding for Clinical Laboratory Services is to determine whether competitive bidding can be used to provide quality laboratory services at prices below current Medicare reimbursement rates. Here, we present key features of the preliminary design for the demonstration. The following areas are covered: scope of the demonstration, bidding process, selection of winners, reimbursement, quality, and administration and monitoring. The role of the Health Care Financing Administration’s Laboratory Technical Advisory Committee is also described, and the future of competitive bidding in a Medicare managed care environment is evaluated. We close with some brief comments on how to succeed in competitive bidding for Medicare services.

scholarly journals THE COMMITTEE SYSTEM FOR COMPETITIVE BIDS IN LOCAL GOVERNMENT

2017 ◽  
Vol 12 (2) ◽  
pp. 56
Author(s):  
P Bolton
Keyword(s):  
Supply Chain ◽  
Supply Chain Management ◽  
Local Government ◽  
Management Policy ◽  
Competitive Bidding ◽  
Chain Management ◽  
Adjudication Committee ◽  
Bidding Process

When a municipality contracts for goods or services, it must make use of competitive bidding / a public call for tenders for contracts over R200 000 as well as for long term contracts. A competitive bidding process generally consists of different stages, for example, compiling bid specifications, advertising the bid, the receipt and evaluation of bids, and the award and implementation of the contract. The Municipal Supply Chain Management Regulations require a municipality’s Supply Chain Management Policy to provide for a committee system to oversee the different stages. Such committee system must, moreover, consist of at least a bid specification committee, a bid evaluation committee and a bid adjudication committee. Until recently, little attention has been given by the courts to the roles and composition of the different committees in the committee system. It is only after government, and in particular, municipalities have begun to implement the committee system in their procurement processes that it is evident that problems are arising. In recent months, the courts have increasingly had to deal with issues pertaining to the implementation of the committee system.In this article, the relevant legislative provisions on the committee system for competitive bids in local government are discussed. The functions of each committee are explained and all the cases that have thus far involved the implementation of the committee system are critically analysed. Much attention is given to the cases since they serve as a warning to municipalities to uphold and comply with the rules relating to the roles and composition of the different committees. The cases illustrate how important it is for municipalities to ensure that the different committees are properly constituted and that decisions at meetings are properly taken. They also highlight the importance of the supervisory role of the municipal manager over the different committees. In light of the cases it is clear that failure to comply with all the legislative requirements results in very costly litigation. 

Public Procurement: A Competition Perspective

2017 ◽  
Vol 63 (2) ◽  
pp. 176-186 ◽  
Author(s):  
Garima Bhagat
Keyword(s):  
Public Procurement ◽  
Red Flags ◽  
Goods And Services ◽  
Public Resources ◽  
Close Cooperation ◽  
Auditor General ◽  
Reduced Data ◽  
Bidding Process ◽  
Bid Rigging

Public procurement of goods and services accounts for 25–30 percentage of GDP in developing countries. Since this involves public resources, it is important to optimise efficiency of procurement which in turn is positively correlated with the level of competition in the market. Paradoxically, various factors make public procurement especially vulnerable to a host of anti-competitive practices. The article examines various anti-competitive practices that may potentially affect the efficiency of public procurement as well as ‘red flags’ in various stages of the bidding process that could possibly point to bid rigging. However, by properly designing the procurement process, risks of bid rigging can be significantly reduced. Data from various countries show huge savings to public treasuries resulting from implementation of public procurement reforms. The article also attempts to discuss the evolution of competition law in India over the last seven years of operation of the Competition Act, 2002. Apart from the crucial role of the Competition Authorities, the article underlines the need for procurers to be proactive. Effective public procurement reforms in India would require close cooperation among various stakeholders, such as the Department of Expenditure, Central Vigilance Commission (CVC), Comptroller and Auditor General (CAG), Competition Commission of India (CCI) as well as procurers.

scholarly journals Modelling price determination in South Africa

2004 ◽  
Vol 7 (1) ◽  
pp. 151-169 ◽  
Author(s):  
E Moolman ◽  
CB Du Toit
Keyword(s):  
South Africa ◽  
Monetary Policy ◽  
Emerging Economy ◽  
Price Determination ◽  
Pull Factors ◽  
Demand Pull ◽  
Inflation Rates ◽  
International Prices ◽  
High Inflation

South Africa has been faced with high inflation rates since the early 1970s. Despite continued monetary discipline the inflation target has not yet been met, highlighting South Africa’s price-vulnerability as a small open emerging economy and raising questions about the efficiency of monetary policy. The objectives of this paper are: (i) to analyse the influence of monetary policy on inflation in the small open emerging economy of South Africa, (ii) to highlight the channels other than monetary policy through which inflation can be influenced (iii) to analyse the influence of international prices and the exchange rate on inflation, (iv) to determine the role of the labour market on inflation, especially through wage-push dynamics and (v) to determine the role of demand-pull factors on inflation.

Price discovery and convergence in fragmented securities markets

2016 ◽  
Vol 12 (4) ◽  
pp. 381-407 ◽  
Author(s):  
Benjamin Clapham ◽  
Kai Zimmermann
Keyword(s):  
Price Discovery ◽  
Leadership Role ◽  
Price Determination ◽  
Content Type ◽  
Thomson Reuters ◽  
Depth Analysis ◽  
Call Auction ◽  
Price Leader ◽  
Alternative Markets

Purpose – The purpose of this paper is to study price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. The results provide novel empirical insights questioning the generalizability of the current literature and aim to expand the understanding of price determination in a fragmented market microstructure. Design/methodology/approach – This paper provides an empirical data analysis based on an event study methodology. The authors applied Thomson Reuters Tick History data covering German blue chip stocks listed on multiple venues in 2009 and 2013. Different time aggregations up to one second are applied to provide an in-depth analysis. Findings – The paper empirically discovers a persistent price leader-follower relationship not only during intraday auctions but also in subsequent continuous trading. The authors found that trading on alternative venues instantly dries out in case the dominant market switches to a call auction. In these situations, alternative markets await and adopt the official price signal of the dominant market although prices on alternative venues still indicate a certain extent of price discovery. This phenomenon remains persistent at different levels of market fragmentation, indicating that alternative trading venues fully accept the price leadership role of the dominant market, no matter their own market share. Originality/value – This paper provides an innovative empirical setup to analyze price co-movement and convergence based on high-frequent data. Further, the results provide novel and robust insights into the price determination process in fragmented markets that clarify the role of price follower and price leader.

Collective Share Quotas and the Role of Fishermen’s Organizations in Ex-Vessel Price Determination

2019 ◽  
Vol 34 (4) ◽  
pp. 361-385
Author(s):  
Julio Peña-Torres ◽  
Jorge Dresdner ◽  
Felipe Quezada ◽  
Iván Luzardo
Keyword(s):  
Price Determination

scholarly journals The impact of strategic jump bidding in residential English auctions

2020 ◽  
Vol 37 (3) ◽  
pp. 195-218
Author(s):  
Aras Khazal ◽  
Ole Jakob Sønstebø ◽  
Jon Olaf Olaussen ◽  
Are Oust
Keyword(s):  
English Auctions ◽  
Jump Bidding ◽  
The Impact

scholarly journals The role of the audit in the prevention and detection of corruption events: Evidence of the 2016 Rio Olympic Games

2020 ◽  
Vol 16 (1) ◽  
pp. 14
Author(s):  
Lorena Furtado ◽  
Tatiane Antonovz ◽  
Blenio Peixe ◽  
Michael Correa
Keyword(s):  
Public Choice ◽  
Choice Theory ◽  
Olympic Games ◽  
Point Of View ◽  
Public Choice Theory ◽  
The Public ◽  
Audit Reports ◽  
The Guardian ◽  
Bidding Process

Purpose: The aim of this research is to analyze the actions related to evidences of corruption practices in the light of the Public Choice Theory, from the opportunism point of view. As a focus of investigated policy, the study was focused to the Rio 2016 Olympic Games held in Brazil.Design/methodology/approach: The analyzed data were the audit reports issued by the Comptroller General of Brazil (CGU) and the news published by The Guardian and Le Monde, both from 2009 to 2016. This information passed through content analysis and the software was the Nvivo.Findings: Regarding the audit reports, from 41 units, 17 presented inconsistencies about the bidding process or execution after such procedure, and in some cases concomitantly, that indicates corruption practices. Changing to the news, 34 from a sample of 38 units were analyzed.Research limitations/implications: Notes related to non-opening of contracting processes, exemptions from bidding, use of invitation letter in an inappropriate manner, lack of competition among companies in the market, subcontracting of companies by contracted ones, which disqualified the bidding process, favoritism among other irregularities pointed out for possible corruption practices.Originality/value: These documents presented actions related to bribes, illegalities in bidding processes and investigations related to politics in Brazil, corroborating the Public Choice Theory regarding opportunistic practices of managers in the primacy for one policy over others.

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