Value of Bidders Default Risk Information: Designing Reliable Auction Using Post-Bidding Mechanism
Bibliographic record
Abstract
Traditional auction theory typically assumes that bidders will fully honor their commitments upon winning. However, this assumption often proves inadequate in high-stakes auctions, such as those for infrastructure projects or luxury assets, where securing the necessary funds post-auction can pose challenges. Factors such as market volatility, liquidity constraints, or delays in financing frequently result in bidder defaults, leading to substantial disruptions for sellers, including the costs of re-auctioning and project delays. This paper seeks to bridge this gap in auction theory by exploring how comprehensive information about bidders’ default risks can be utilized through a straightforward post-bidding mechanism. Furthermore, it highlights the advantages this approach offers to the auctioneer compared to scenarios where such critical information is unavailable.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.010 | 0.028 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.003 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.004 | 0.006 |
| Open science | 0.003 | 0.002 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.002 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".