Are There Benefits in the English Auction for Colombian Public Procurement?

Abstract:       Under the current regulations that rule public procurement in Colombia, the English Auction is the most efficient mechanism the State has to obtain the best possible value for the taxpayers money by offering continuous and efficient public services to satisfy the general interest. This is what justifies the celebration of these legal agreements through the creation of incentives both for the contracting public administration and for the contractors –usually private parties– to minimize the problem of assymetric information. It is advisable to extract the advantages of the English Auction and apply it in a general fashion to our system of public procurement, extending it to other aspects different from Price as intended with the figure of dynamic structuring of the bids under the framework of Public tenders. This mechanism, albeit imperfect, is very useful at this time to correct one of the biggest flaws in this market which is the assymetrical information.

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