Figure A5.
The figure contains two panels illustrating bid outcomes after 2016. Panel a, General competitive bidding, shows an estimated discontinuity of negative 0.111 with a z-value of negative 1.286, with the curve indicating a steady bid success rate until it drops sharply near a ratio of 0.95. Panel b, Designated bidding, displays a larger discontinuity of negative 0.425 with a z-value of negative 3.274, with a more pronounced decline beyond the same ratio. Each plot shows discrete data points representing sample averages within bins and fitted polynomial curves of order four. The horizontal axis represents bid price ratio ranging from 0.85 to 1.0, and the vertical axis represents the proportion of winning bids.After FY2016: verification of the discontinuity at 0.95
Note(s): Left panel: general competitive bidding. Right panel: designated bidding. The interpretation of the figure is the same as in Figure 4
Source: Author’s own work