标题： 管理采购拍卖失败：出价要求还是保留价格 显示英文标题

标题： Managing Procurement Auction Failure: Bid Requirements or Reserve Prices

摘要： 本文研究了投标要求，即政府可能会取消采购合同，除非收到两个或更多投标。 使用一个具有内生进入的第一价格拍卖模型，我们从招标失败和采购成本的角度比较了投标要求和保留价格机制。 我们发现，保留价格会导致较低的采购成本和显著较低的失败概率，特别是在进入成本较高或信号足够有信息量的情况下。 投标要求更可能导致零进入，而保留价格可以在更广泛的条件下维持正进入。 显示英文摘要

摘要： This paper examines bid requirements, where the government may cancel a procurement contract unless two or more bids are received. Using a first-price auction model with endogenous entry, we compare the bid requirement and reserve price mechanisms in terms of auction failure and procurement costs. We find that reserve prices result in lower procurement costs and substantially lower failure probabilities, especially when entry costs are high, or signals are sufficiently informative. Bid requirements are more likely to result in zero entry, while reserve prices can sustain positive entry under broader conditions.