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On June 12, USAID Economic Prosperity Initiative (EPI) in partnership with International School of Economics at Tbilisi State University (ISET) held a round-table meeting for students: "Strategic Dialogue on Competitiveness of Georgia."
The ISET experts, Irakli Galdava and Lasha Labadze, who supported the development of the "First Competitiveness Report on Georgia", discussed the 2013-2014 Global Competitiveness Report (GCR) of the World Economic Forum.The seminar involved a conversation on those economic directions, which if reinforced, will boost the development of the private sector, as well as will increase country's competitiveness and bear new investments.
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On 5 June, Professor Deniz Selman from Bogazici University presented the paper titled “Simultaneous Auctions with Private and Common Values,” which he co-authored with Deniz Nemli. In a simultaneous auction, every bidder submits bids on an item simultaneously. The paper discusses a situation where an item’s value can be of two types, one in which the bidders have private values and another where the value of the item is a publicly known common value.
Prof. Selman started his talk by providing some real life examples of such auctions, for example: contractors bidding for a specialized government contract whose value is complementary to a contractor’s qualities (private value) and another more straightforward government contract (common value);
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