Table 2: Competitive bidding equilibrium solutions (CBEs) in the basic model.

CBEsOrder relationships of the marginal service feesEquilibria of basic modelBidding priceLiquidationMoral hazard

1D××
2C×
3B×
4B×

Note. The ○ sign in the liquidation column means that the project continues, whereas the × sign means that the project is liquidated. The ○ sign in the moral hazard column means that a moral hazard does not occur, whereas the × sign means that a moral hazard occurs.