Determining the Optimal Length of Regulatory Guarantee: A Length‐of‐contract Auction
提出一种拍卖设计，允许投标人对不同长度的监管资金期（如25年或30年）出价，以确定最优合同期限，最大化社会价值，适用于能源、交通等基础设施采购。
We present an auction design to be used in the area of procurement that allows the length of the regulatory funding period to be determined via an auction. It allows bidders to submit bids against a payment for periods of varying lengths, say 25 and 30 years, instead of a fixed 20‐year contract. This can be desirable for securing more favourable terms in financial markets. It yields efficiency and delivers the optimal length of contract, defined as where social value is maximised. The auction is applicable to any infrastructure investment such as energy, transportation or any area that uses contracts.