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Putting Auction Theory to Work
Putting Auction Theory to Work Paul Milgrom With a Foreword by Evan Kwerel © 2003 “In Paul Milgrom's hands, auction theory has become the great culmination of game theory and economics of information. Here elegant mathematics meets practical applications and yields deep insights into the general theory of markets. Milgrom's book will be the definitive reference in auction theory for decades to come.” —Roger Myerson, W.C.Norby Professor of Economics, University of Chicago “Market design is one of the most exciting developments in contemporary economics and game theory, and who can resist a master class from one of the giants of the field?” —Alvin Roth, George Gund Professor of Economics and Business, Harvard University “Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression.” —Evan Kwerel, Federal Communications Commission, from the Foreword For Robert Wilson Foreword to Putting Auction Theory to Work Paul Milgrom has had an enormous influence on the most important recent application of auction theory for the same reason you will want to read this book – clarity of thought and expression. In August 1993, President Clinton signed legislation granting the Federal Communications Commission the authority to auction spectrum licenses and requiring it to begin the first auction within a year. With no prior auction experience and a tight deadline, the normal bureaucratic behavior would have been to adopt a “tried and true” auction design. But in 1993 there was no tried and true method appropriate for the circumstances – multiple licenses with potentially highly interdependent values. -
Public Land Auction
Public Land Auction Genesee (No Reserve) October 16th, 2018 Genesee County Location: Gateway Centre - Holiday Inn Flint 5353 Gateway Centre, Flint, MI 48507 Time: Registration: 11:30am Auction: 12:00pm Printed information is subject to change up to the auction start time. Please listen to the auctioneer closely for updates. Auction Location Gateway Centre - Holiday Inn Flint: 5353 Gateway Centre, Flint, MI 48507 Facebook.com/TaxSaleInfo There are three ways to bid at our auctions: IN-PERSON AT THE AUCTION ONLINE VIA OUR WEBSITE PROXY/ABSENTEE BID (Absentee bids are for those who cannot attend in-person or bid online) For registered users, our website features: o Photos and detailed descriptions of properties (where available) o Faster check-in/out with pre-registration online o GPS/GIS location of the property o Maps of the property vicinity (where available) o Google Earth links to satellite images of the area, and street views of the property and neighborhood (where available) o Save properties to your personalized “favorites” list We only have about 90 days to review several thousand parcels. We begin about May 1, and add data as we get to each parcel. Please be patient and check back often as the auction date approaches for updates. Parcels are sold "as is" based on the assessed legal description only. All other information in this salebook or listed on our website, though reliable to the best of our knowledge, is provided as unverified reference and is not guaranteed to be accurate. You should verify this information with your own research and investigation prior to bidding. -
From English to First-Price Sealed Bid: an Empirical Assessment of the Change in Auction Type on Experienced Bidders Joshua J
REVIEW OF ECONOMIC PERSPECTIVES – NÁRODOHOSPODÁ ŘSKÝ OBZOR, VOL. 14, ISSUE 2, 2014, pp. 105–127, DOI: 10.2478/revecp-2014-0006 From English to First-Price Sealed Bid: An Empirical Assessment of the Change in Auction Type on Experienced Bidders Joshua J. Miller 1 Abstract: This paper estimate the differential impact of first-price sealed-bid (first-price) auctions relative to English auctions on auction revenue. While there is a theoretical literature on the potential outcomes of first-price relative to English auction, there is a paucity of articles that empirically estimate this relationship. The answer to this ques- tion is important not only to economists but also those designing auction for practical application. Using a unique dataset from tax lien auctions in Illinois, I empirically test the effect of a switch in auction type from English to first-price. I find auction revenue is greatly increased, by as much as 22 percent, under the first-price auction. The results are supported by a within county difference-in-difference model specification and are robust when restricting the sample across various specifications. Key words: Property Tax Delinquency, Tax Lien Sales, Auction Type, Auction Design JEL Classification: H71, D44 Introduction Auctions are important. In the United States, auctions are used to sell national debt, spectrum (airwave rights), pollution rights (Kagel and Levin, 2002), and property tax delinquency. The most common types of auctions used are English and first-price sealed-bid (first-price). While heavily utilized, the difference in outcomes between English and first-price is not well understood. More particularly, it is unclear whether sequential common value first-price auctions produce more revenue for sellers com- pared to English auctions. -
Horry County, South Carolina Financial Plan Fiscal Year 2021
Horry County, South Carolina FINANCIAL1801 HorrySouth County CarolinaPLAN FISCAL YEAR JULY 1, 2019-JUNE 30, 2020 FINANCIAL PLAN Fiscal Year 2021July 1, 2020 - June 30, 2021 www.horrycounty.org www.horrycounty.org FY 2020-21 OPERATING BUDGET HORRY COUNTY, SOUTH CAROLINA HORRY COUNTY, SOUTH CAROLINA ANNUAL FINANCIAL PLAN FOR FISCAL YEAR JULY 1, 2020 TO JUNE 30, 2021 PREPARED BY THE BUDGET OFFICE MELANIE FREEMAN-GRUBER, BUDGET MANAGER ROBERT JORDAN, FINANCE DIRECTOR www.horrycounty.org FY 2020-21 OPERATING BUDGET HORRY COUNTY, SOUTH CAROLINA MEMBERS OF COUNTY COUNCIL Johnny Gardner Chairman Paul Prince Vice Chairman Harold Worley Member, District 1 Bill Howard Member, District 2 Dennis DiSabato Member, District 3 Gary Loftus Member, District 4 Tyler Servant Member, District 5 Cam Crawford Member, District 6 Orton Bellamy Member, District 7 Johnny Vaught Member, District 8 W. Paul Prince Member, District 9 Danny Hardee Member, District 10 Al Allen Member, District 11 ELECTED OFFICIALS M. Lois Eargle Auditor Renee Elvis Clerk of Court Robert Edge, Jr. Coroner Kathy Ward Judge of Probate Philip E. Thompson Sheriff Jimmy A. Richardson II Solicitor Fifteenth Circuit Angie Jones Treasurer ADMINISTRATIVE OFFICIALS Steve Gosnell County Administrator Barry Spivey Assistant County Administrator, Administration Randy Webster Assistant County Administrator, Public Safety David Gilreath Assistant County Administrator, Infrastructure & Regulation Arrigo Carotti County Attorney FY 2020-21 OPERATING BUDGET HORRY COUNTY, SOUTH CAROLINA Horry County County Council Harold Worley Bill Howard District 1 District 2 Dennis DiSabato Gary Loftus District 3 District 4 Tyler Servant Cam Crawford District 5 District 6 Orton Bellamy Johnny Vaught District 7 District 8 Johnny Gardner Chairman W. -
Online Auctions As Tools for Asset Management S E R I E S
NOVEMBER 2004 Government Garage Sales: Online Auctions as Tools for Asset Management S e r i e s David C. Wyld Mayfield Professor of Management and Director of the Strategic e-Government Initiative Southeastern Louisiana University E-Government E-GOVERNMENT SERIES Government Garage Sales: Online Auctions as Tools for Asset Management David C. Wyld Mayfield Professor of Management and Director of the Strategic e-Government Initiative Southeastern Louisiana University November 2004 TABLE OF CONTENTS Foreword ..............................................................................................4 Executive Summary ..............................................................................5 Introduction .........................................................................................8 The “Usual Suspects” .......................................................................8 “I Love Entrepreneurialism!” ............................................................9 Reverse Logistics and Public Sector Asset Management .................12 Auction Theory & Practice 101 ..........................................................15 Introduction ................................................................................... 15 The History of Dynamic Pricing ..................................................... 15 The Characteristics of Auctions ...................................................... 15 Information Asymmetry and Optimism .......................................... 17 Winners and Losers ....................................................................... -
Privatization of Delinquent Property Tax Liens and Tax Sale Surplus in Massachusetts
Boston College Law Review Volume 61 Issue 2 Article 6 2-27-2020 Someone to Lien on: Privatization of Delinquent Property Tax Liens and Tax Sale Surplus in Massachusetts Caroline Enright Boston College Law School, [email protected] Follow this and additional works at: https://lawdigitalcommons.bc.edu/bclr Part of the Law and Society Commons, Property Law and Real Estate Commons, State and Local Government Law Commons, and the Taxation-State and Local Commons Recommended Citation Caroline Enright, Someone to Lien on: Privatization of Delinquent Property Tax Liens and Tax Sale Surplus in Massachusetts, 61 B.C.L. Rev. 667 (2020), https://lawdigitalcommons.bc.edu/bclr/vol61/iss2/6 This Notes is brought to you for free and open access by the Law Journals at Digital Commons @ Boston College Law School. It has been accepted for inclusion in Boston College Law Review by an authorized editor of Digital Commons @ Boston College Law School. For more information, please contact [email protected]. SOMEONE TO LIEN ON: PRIVATIZATION OF DELINQUENT PROPERTY TAX LIENS AND TAX SALE SURPLUS IN MASSACHUSETTS Abstract: In Massachusetts, as well as in twenty-eight other states in the nation, municipalities can sell delinquent property tax liens to private investors. In ex- change for paying for the debt, the private entity can collect interest rates of up to sixteen percent and levy additional fees on the homeowner. If the homeowner is unable to pay the rapidly growing amount they owe, absolute title of the property, which includes any profits from the subsequent sale, passes to the private enti- ty—providing them with the property for pennies on the dollar. -
The Responsiveness of Tax Lien Investors in English Auctions to Matching Rules: Evidence from Illinois*
(2013) 43, 81–96 The Review of Regional Studies The Official Journal of the Southern Regional Science Association The Responsiveness of Tax Lien Investors in English Auctions to * Matching Rules: Evidence from Illinois Joshua J. Millera and Silda Nikajb aDepartment of Economics, University of Illinois at Chicago, USA bDepartment of Economics, Texas Christian University, USA Abstract: Auctions allowing competitors to match the current high bid are thought to be suboptimal, particularly compared to auctions where new bids must exceed the current high bid (Milgrom, 2004). To date no study has examined, empirically, the effect of allowing matching bids. A recent policy innovation in Illinois provides an opportunity to estimate the effect of matching on winning bids. Using administrative data from five suburban Illinois counties on the auction of 127,073 liens, we find that an English auction design that allows matching is associated with higher winning bids when compared to an English design that does not allow matching. These higher winning bids increase interest fees on tax delinquent property owners by 20 percent. The paper is the first to estimate the cost of matching on auction outcomes. Keywords: auction design, property tax JEL Codes: D44, H71, R12 1. INTRODUCTION The National Tax Lien Association estimates that $21 billion in property taxes become delinquent each year and $6 billion in delinquent tax liability is offered at tax lien sales annually. A tax lien sale is the sale of delinquent property taxes by a local government to investors. In 2011, local governments in 23 states conducted tax lien sales. The primary method of sale is auction.