Hypothetical versus real payments in Vickrey auctions

Abstract The present paper deals with the interest and tax burden of corporations in the Czech industrial and banking sector as well as with the identification of the differences between the two sectors, including the evaluation of their developmental trends in the period after the economic and financial crisis of 2008. The interest and tax burden on business entities is determined by negative cash flows that reduce the value of their assets and equity. The basis of the research is the analysis of both components of the financial burden on corporations in these sectors over the past eight years and the identification of factors influencing their capital structure and performance. According to DuPont's equation, the burden is expressed by interest and the tax reduction of corporation's earnings before interest and taxes. The amount of the financial burden depends on the macroeconomic environment where the corporations operate. Our analysis identified an asynchronous dependence between the real payments and changes in the interest and tax rates. The reduction of both rates has had a positive effect on the performance of Czech corporations and increased their capital resources. They became more attractive to foreign investors, and the return on invested capital improved. Based on the results of the analysis, we evaluated the differences in the performance of the average corporation in the banking and industrial sectors.

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English Versus Vickrey Auctions with Loss Averse Bidders

SSRN Electronic Journal ◽

10.2139/ssrn.3499673 ◽

2018 ◽

Author(s):

Jonas von Wangenheim

Keyword(s):

Vickrey Auctions

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Vickrey Auctions for Railway Tracks

Operations Research Proceedings 2008 ◽

10.1007/978-3-642-00142-0_89 ◽

2009 ◽

pp. 551-556 ◽

Cited By ~ 1

Author(s):

Ralf Borndörfer ◽

Annette Mura ◽

Thomas Schlechte

Keyword(s):

Vickrey Auctions ◽

Railway Tracks

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Secure Vickrey Auctions without Threshold Trust

Financial Cryptography - Lecture Notes in Computer Science ◽

10.1007/3-540-36504-4_7 ◽

2003 ◽

pp. 87-101 ◽

Cited By ~ 74

Author(s):

Helger Lipmaa ◽

N. Asokan ◽

Valtteri Niemi

Keyword(s):

Vickrey Auctions

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Chapter One. English and Vickrey Auctions

10.1515/9780691233864-003 ◽

2007 ◽

pp. 1-24

Keyword(s):

Vickrey Auctions

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Implementing private Vickrey auctions

Proceedings of the 2005 ACM symposium on Applied computing - SAC '05 ◽

10.1145/1066677.1066861 ◽

2005 ◽

Cited By ~ 1

Author(s):

Ismael Rodriguez ◽

Natalia López

Keyword(s):

Vickrey Auctions

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Assessing the Effect of Information on the Reservation Price for Champagne: What are Consumers Actually Paying for?

Journal of Wine Economics ◽

10.1017/s1931436100000109 ◽

2006 ◽

Vol 1 (1) ◽

pp. 75-88 ◽

Cited By ~ 20

Author(s):

Pierre Combris ◽

Christine Lange ◽

Sylvie Issanchou

Keyword(s):

Willingness To Pay ◽

Detailed Analysis ◽

Sensory Information ◽

Jel Classification ◽

Reservation Price ◽

Vickrey Auctions ◽

Individual Behaviors ◽

Reservation Prices ◽

Large Heterogeneity

AbstractTwo series of Vickrey auctions have been performed to assess the effect of packaging information (bottle and label) on the reservation prices of ordinary consumers for five brut non-vintage Champagnes. As in other studies on wine tasting, packaging information is found to explain much more of the variation in willingness to pay than sensory information. Participants are unable, or unwilling, to put different values on the Champagnes after blind tasting, but significant differences in reservation prices appear when labels are disclosed. Detailed analysis of choices reveals a large heterogeneity in individual behaviors and valuations of the Champagnes included in this study. (JEL Classification: C91, D12)

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