The Human Capital Foundation is a sponsor of CAPCP Conference on Auctions and Procurements Penn Stater Conference Center, April 3-6, 2008

The Human Capital Foundation is a sponsor of conference hosted by the Center for the Study of Auctions, Procurements and Competition Policy (CAPCP) at Penn State University. The event was held at the Penn State Conference Center (Pennsylvania, USA). The conference focused on the synthesis of theoretical and empirical approaches to the study of auctions and procurements; the reports delivered were of interest to both theoreticians (like Eric Maskin, winner of the Nobel prize in economics, who delivered an opening address an honored guest) and practitioners (Michael Baye, head of the Bureau of Economics of the Federal Trade Commission, who took part in the discussion). 14 reports were delivered during this three-day conference - ranging from purely theoretical (like 'Collusion via Resale' by Rod Garrat) to experimental ('Securities Auctions under Moral Hazard: an Experimental Study' by John Morgan) and purely empirical ('Bidding for Incomplete Contracts: An Empirical Analysis of Adaptation Costs' by Steven Tadelis). The attendees admitted that all reports were important for understanding how auction theory and practice were linked. One of the conference's core events was a roundtable session on oil and gas auctions. The IFC-CAPCP joint project - a database of oil and gas auctions held in Russia 2004 through 2008 - was presented at the roundtable. A special committee consisting of well-known auction theory experts (including Vijay Krishna, Isabelle Perrigne and Quang Vuong) strictly selected works to be presented - confirming the conference status as a high-level event. Participation of Eric Maskin, one of the founders of the mechanism design theory that has had a deep influence on the auction theory development testified to the importance of the event and high competence of the organizers. The conference was a success; and the organizers look forward to this conference being an annual event.