IDEAS home Printed from https://ideas.repec.org/a/fgv/epgrbe/v67y2013i2a3676.html
   My bibliography  Save this article

Determinantes dos altos deságios nos leilões de transmissão de energia elétrica no Brasil entre 1999-2010

Author

Listed:
  • Rocha, Katia
  • Moreira, Ajax
  • Limp, Rodrigo

Abstract

This study investigates the determinants of the great difference between winning bids and reserve prices in the transmission electricity sector in Brazil between 1999-2010, through an econometric approach based on Heckman (1979) that considers the heterogeneous among the winner's and loser's bids, and the endogeneity of that selection. Given the whole data of winner’s and loser’s bids, the heterogeneity of the groups is modeled and endogeneity bias classification is corrected. The object of this research is relevant since studies that focus just on winning bids or ignore the endogeneity of the winning group selection could lead to misleading conclusions.

Suggested Citation

  • Rocha, Katia & Moreira, Ajax & Limp, Rodrigo, 2013. "Determinantes dos altos deságios nos leilões de transmissão de energia elétrica no Brasil entre 1999-2010," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 67(2), June.
    • Handle: RePEc:fgv:epgrbe:v:67:y:2013:i:2:a:3676
    as

    Download full text from publisher

    File URL: https://periodicos.fgv.br/rbe/article/view/3676
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter.
    2. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    3. Thaler, Richard H, 1988. "Anomalies: The Winner's Curse," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 191-202, Winter.
    4. Neil Gandal, 1997. "Sequential Auctions of Interdependent Objects: Israeli Cable Television Licenses," Journal of Industrial Economics, Wiley Blackwell, vol. 45(3), pages 227-244, September.
    5. Dutra, Joisa C. & Menezes, Flavio M., 2002. "Hybrid auctions," Economics Letters, Elsevier, vol. 77(3), pages 301-307, November.
    6. repec:bla:jindec:v:45:y:1997:i:3:p:227-44 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Brandão, Lucas G.L. & Ehrl, Philipp, 2022. "The impact of transmission auctions on Brazilian electric power companies," Utilities Policy, Elsevier, vol. 78(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:fgv:epgrbe:v:67:n:2:a:5 is not listed on IDEAS
    2. Boone, Audra L. & Harold Mulherin, J., 2008. "Do auctions induce a winner's curse? New evidence from the corporate takeover market," Journal of Financial Economics, Elsevier, vol. 89(1), pages 1-19, July.
    3. Eliasson, Jonas & Fosgerau, Mogens, 2013. "Optimism bias in project appraisal: deception or selection?," Working papers in Transport Economics 2013:6, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
    4. Antoine Feuillet & Nicolas Scelles & Christophe Durand, 2017. "A winner’s curse in the bidding process for broadcasting rights in football? The cases of the French and UK markets," Post-Print hal-01935541, HAL.
    5. Rasim Ozcan, 2004. "Sequential Auctions with Endogenously Determined Reserve Prices," Boston College Working Papers in Economics 592, Boston College Department of Economics.
    6. Dhaliwal, Dan S. & Lamoreaux, Phillip T. & Litov, Lubomir P. & Neyland, Jordan B., 2013. "Shared Auditors in Mergers and Acquisitions," Working Papers 13-14, University of Pennsylvania, Wharton School, Weiss Center.
    7. Eliasson, Jonas & Fosgerau, Mogens, 2013. "Cost overruns and demand shortfalls – Deception or selection?," Transportation Research Part B: Methodological, Elsevier, vol. 57(C), pages 105-113.
    8. Gary Madden & Hiroaki Suenaga, 2017. "The determinants of price in 3G spectrum auctions," Applied Economics, Taylor & Francis Journals, vol. 49(32), pages 3129-3140, July.
    9. Boone, Audra L. & Mulherin, J. Harold, 2011. "Do private equity consortiums facilitate collusion in takeover bidding?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1475-1495.
    10. Mordechai E. Schwarz, 2021. "Auctions with endogenous opting‐out fees and recursive winning procedures from the Talmud," International Journal of Economic Theory, The International Society for Economic Theory, vol. 17(4), pages 345-374, December.
    11. Gerard Marty & Raphaele Preget, 2007. "A Socio-economic Analysis of French Public Timber Sales," Working Papers - Cahiers du LEF 2007-03, Laboratoire d'Economie Forestiere, AgroParisTech-INRA.
    12. Committee, Nobel Prize, 2020. "Improvements to auction theory and inventions of new auction formats," Nobel Prize in Economics documents 2020-2, Nobel Prize Committee.
    13. Rosato, Antonio, 2023. "Loss aversion in sequential auctions," Theoretical Economics, Econometric Society, vol. 18(2), May.
    14. Brandão, Lucas G.L. & Ehrl, Philipp, 2022. "The impact of transmission auctions on Brazilian electric power companies," Utilities Policy, Elsevier, vol. 78(C).
    15. Haufe, Marie-Christin & Ehrhart, Karl-Martin, 2018. "Auctions for renewable energy support – Suitability, design, and first lessons learned," Energy Policy, Elsevier, vol. 121(C), pages 217-224.
    16. Darima Fotheringham & Michael A. Wiles, 2023. "The effect of implementing chatbot customer service on stock returns: an event study analysis," Journal of the Academy of Marketing Science, Springer, vol. 51(4), pages 802-822, July.
    17. Song, Wei-Ling & Uzmanoglu, Cihan, 2016. "TARP announcement, bank health, and borrowers’ credit risk," Journal of Financial Stability, Elsevier, vol. 22(C), pages 22-32.
    18. Raymundo M. Campos-Vázquez, 2013. "Efectos de los ingresos no reportados en el nivel y tendencia de la pobreza laboral en México," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(2), pages 23-54, November.
    19. Jonathan Gruber & Aaron Yelowitz, 1999. "Public Health Insurance and Private Savings," Journal of Political Economy, University of Chicago Press, vol. 107(6), pages 1249-1274, December.
    20. Campbell, Randall C. & Nagel, Gregory L., 2016. "Private information and limitations of Heckman's estimator in banking and corporate finance research," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 186-195.
    21. Leye Li & Louise Yi Lu & Dongyue Wang, 2022. "External labour market competitions and stock price crash risk: evidence from exposures to competitor CEOs’ award‐winning events," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1421-1460, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fgv:epgrbe:v:67:y:2013:i:2:a:3676. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Núcleo de Computação da FGV EPGE (email available below). General contact details of provider: https://edirc.repec.org/data/epgvfbr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.