Download or read book Auctioning Entry Into Tournaments written by Richard L. Fullerton and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A research tournament model with heterogeneous contestants is presented. For a large class of contests the optimal number of contestants is two. This insight makes designing the tournament easier and highlights the importance of selecting highly qualified contestants. While customary uniform-price and discriminatory-price auctions are intuitively appealing mechanisms for solving this adverse selection problem, in practice they generally will not be efficient mechanisms for selecting contestants. Instead, we propose an alternative auction format that is equally simple to implement and efficiently selects the most qualified contestants to compete, regardless of the form of contestant heterogeneity.
Download or read book Fixed Prize Tournaments Versus First Price Auctions in Innovation Contests written by Anja Schöttner and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes a procurement setting with two identical firms and stochastic innovations. In contrast to the previous literature, I show that a procurer who cannot charge entry fees may prefer a fixed-prize tournament to a first-price auction. The reason is that, if the innovation technology is subject to large random factors, holding an auction may leave higher rents to firms.
Download or read book Auctions written by Paul Klemperer and published by Princeton University Press. This book was released on 2018-06-05 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
Download or read book Using Auctions to Reward Tournament Winners written by Richard L. Fullerton and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores theoretical and experimental implications of using auctions to reward winners of research tournaments. This process is a hybrid of the research tournament for a prize and a first-price auction held after the research is complete. The bids in the auction consist of a vector of both quality of the innovation and price. The experimental evidence supports the hypothesis that conducting auctions at the end of research tournaments will generally reduce the sponsor's prize expenditure relative to fixed-prize research tournaments. The potential importance of these results to the U.S. Department of Defense acquisition process is emphasized.
Download or read book Contest Theory written by Milan Vojnović and published by Cambridge University Press. This book was released on 2016-02-04 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contests are prevalent in many areas, including sports, rent seeking, patent races, innovation inducement, labor markets, scientific projects, crowdsourcing and other online services, and allocation of computer system resources. This book provides unified, comprehensive coverage of contest theory as developed in economics, computer science, and statistics, with a focus on online services applications, allowing professionals, researchers and students to learn about the underlying theoretical principles and to test them in practice. The book sets contest design in a game-theoretic framework that can be used to model a wide-range of problems and efficiency measures such as total and individual output and social welfare, and offers insight into how the structure of prizes relates to desired contest design objectives. Methods for rating the skills and ranking of players are presented, as are proportional allocation and similar allocation mechanisms, simultaneous contests, sharing utility of productive activities, sequential contests, and tournaments.
Download or read book Handbook of Game Theory written by Petyon Young and published by Elsevier. This book was released on 2014-10-01 with total page 1025 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ability to understand and predict behavior in strategic situations, in which an individual’s success in making choices depends on the choices of others, has been the domain of game theory since the 1950s. Developing the theories at the heart of game theory has resulted in 8 Nobel Prizes and insights that researchers in many fields continue to develop. In Volume 4, top scholars synthesize and analyze mainstream scholarship on games and economic behavior, providing an updated account of developments in game theory since the 2002 publication of Volume 3, which only covers work through the mid 1990s. Focuses on innovation in games and economic behavior Presents coherent summaries of subjects in game theory Makes details about game theory accessible to scholars in fields outside economics
Download or read book Creating and Capturing Value through Crowdsourcing written by Christopher L. Tucci and published by Oxford University Press. This book was released on 2018-03-16 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examples of the value that can be created and captured through crowdsourcing go back to at least 1714 when the UK used crowdsourcing to solve the Longitude Problem, obtaining a solution that would enable the UK to become the dominant maritime force of its time. Today, Wikipedia uses crowds to provide entries for the world's largest and free encyclopedia. Partly fueled by the value that can be created and captured through crowdsourcing, interest in researching the phenomenon has been remarkable. Despite this - or perhaps because of it - research into crowdsourcing has been conducted in different research silos, within the fields of management (from strategy to finance to operations to information systems), biology, communications, computer science, economics, political science, among others. In these silos, crowdsourcing takes names such as broadcast search, innovation tournaments, crowdfunding, community innovation, distributed innovation, collective intelligence, open source, crowdpower, and even open innovation. This book aims to assemble chapters from many of these silos, since the ultimate potential of crowdsourcing research is likely to be attained only by bridging them. Chapters provide a systematic overview of the research on crowdsourcing from different fields based on a more encompassing definition of the concept, its difference for innovation, and its value for both private and public sector.
Download or read book The Applied Law and Economics of Public Procurement written by Gustavo Piga and published by Routledge. This book was released on 2013-05-07 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores Public Procurement novelties and challenges in an interdisciplinary way. The process whereby the public sector awards contracts to companies for the supply of works, goods or services is a powerful instrument to ensure the achievement of new public goals as well as an efficient use of public funds. This book brings together the papers that have been presented during the "First Symposium on Public Procurement", a conference held in Rome last summer and to be repeated again yearly. As Public Procurement touches on many fields (law, economics, political science, engineering) the editors have used an interdisciplinary approach to discuss four main topics of interest which represent the four different parts in which this book is divided: Competitive dialogue and contractual design fostering innovation and need analysis, Separation of selection and award criteria, including exclusion of reputation indicators like references to experience, performance and CV’s from award criteria, Retendering a contract for breach of procurement rules or changes to contract (contract execution), Set-asides for small and medium firms, as in the USA system with the Small Business Act that reserves shares of tenders to SMEs only.
Download or read book Contests written by Carmen Beviá and published by Cambridge University Press. This book was released on 2024-05-31 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new way to understand economic problems that complement the traditional views and expand subjects that social scientists should consider.
Download or read book 40 Years of Research on Rent Seeking 1 written by Roger D. Congleton and published by Springer Science & Business Media. This book was released on 2008-08-01 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The scope of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research. The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also appHcations of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, poUtical com petition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earlier surveys. Volume I contains previously published research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously pubHshed research that uses the theory of rent-seeking to an alyze a broad range of public policy and social science topics. The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included.
Download or read book The Business of Sports written by Dennis R. Howard and published by Bloomsbury Publishing USA. This book was released on 2008-06-30 with total page 936 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sports industry is large, visible, and growingand it has a huge impact on society. That's obvious to die-hard fans who not only watch sporting events but buy everything from balls to ties to paperweights with their favorite team's logo. But even sports haters can't escape the onslaught of professional sports: They are asked to chip in as taxpayers to build public stadiums, and their children are, like it or not, exposed to events sponsored by alcohol and tobacco companies, not to mention the juvenile antics of star athletes. Businesses, of course, take a hit in productivity when the Olympicsor World Series or Super Bowl or World Cuprolls around. Yet most of us love to watch, and play. The Business of Sports takes on this endlessly fascinating behemoth of an industry to make sense of it all. Yes, sports is big business. How big? Estimates of total annual U.S. spending on sporting goods and services range from $250 to $560 billion a year, and spending related to organized sport alone has been estimated at $200 billion per year. And it's getting bigger, casting an ever-larger shadow over the entire globe. The Business of Sports throws light on the subject by exploring the business and economic dynamics of the industry from a diverse array of perspectives that cover the industry's macroeconomic, management, and marketing/promotion issues. Volume 1, Perspectives on the Sports Industry, documents the current size, scope, and magnitude of the sports industry in the U.S. and abroadincluding the U.K. and China. It also examines the importance of the world's most visible sporting events, like the Olympics, and the impact of sporting events broadcast around the world. Volume 2, Economic Perspectives on Sport, takes an in-depth look at the sports industry from an economic perspective. The volume delves into the inner workings of leagues and teams, covering economic issues from the design of sports leagues to franchise financial valuations to salary caps to labor relations. Volume 3, Bridging Research and Practice, fills the gap between scholarly research on sport and practitioners working in the industry. Topics include evaluating talent, maintaining managerial efficiency, analyzing statistical performance indices, and assessing the noneconomic benefits of professional sports. Business and sports are a potent mix of two of the strongest forces moving our society today. And, as the stratospheric salaries of professional athletes indicate, the industry is going through major growth and change. To make sense of it all, it helps to understand the underlying economic principles driving the business decisions made daily by owners and managers in all corners of the world. The unique, multivolume format of The Business of Sports allows sports nuts, journalists, business people, and students to explore the wide variety of issues that fuel the world's crazy passion for all things athletic.
Download or read book Handbook on the Economics of Sport written by Wladimir Andreff and published by Edward Elgar Publishing. This book was released on 2006 with total page 849 pages. Available in PDF, EPUB and Kindle. Book excerpt: The editors should be commended for taking on such a big task, and succeeding so well. This book should be in the library of every institution where students have to write a paper that may be related to sport, or on the shelf of any lecturer teaching economics or public finance who has even a remote interest in sport. The material is very accessible, and useful in many different settings. Ruud H. Koning, Jahrbücher f. Nationalökonomie u. Statistik Edward Elgar s brilliant market niche is identifying a topic in economics, finding editors who know the area backwards and challenging them to assemble the best cross-section of relevant articles either already published or newly commissioned. Handbook on the Economics of Sport is Edward Elgar at its very best. If you love economics you ll find many fascinating insights here; if you love sport but know little economics then this book is mostly accessible and will teach you a lot; and if you are a sports-mad economist then you will be in hog heaven. Furthermore, if, like this reviewer, you are broadly very sceptical about the reports consultants produce for governments on the supposed economic windfall from hosting a big event or subsidising a stadium then you will get a lot of good counter-arguments in this volume. Indeed there are several chapters on the above theme that I m sure I ll be copying frequently to government officials in years to come. . . The demand for sport is a fascinating subject and it is hard to pick out just one chapter from the second section. Read them all they make a wonderful 65-page treat. . . Part VI was a real feast, a smorgasbord. . . This is a magnificent piece of work and the 36-page index rounds it all off splendidly. John Blundell, Economic Affairs The book covers the most important areas of research of an emerging economic sub-discipline spanning the past half a century. It serves admirably the purpose of an introduction into the rich and growing area of reflection for all concerned. . . the editors and authors of the Handbook have done a commendable job of accumulating sophisticated material for many economists, managers, politicians and self-conscious fans, who are sure to find excellent training ground for the whole heptathlon. . . This book will be invaluable for advanced students investigating professional sport. From the point of view of lawyers, particularly those engaged with the relationship between law and sports governance, the Handbook offers invaluable analysis of the economic issues that are alluded to in those debates but rarely examined in detail. . . These insights will also prove useful for policy analysts and sports administrators for whom many sections should be considered mandatory reading. Aleksander Sulejewicz, Journal of Contemporary European Research Over 800 pages on the economics of sport. What a feast! What a treat! The editors have done a wonderful job both in terms of breadth from David Beckham to child labour in Pakistan and depth, tournaments and luxury taxes for example. . . The 86 chapters are uniformly of a very high standard and illuminating. And there are real gems in some of the contributions. British Journal on the Economics of Sport This very interesting and comprehensive book achieves its objective, namely to present an overview of research in sports economics at an introductory level. . . [The editors] have produced an excellent reference book that belongs in all academic institutions libraries. It provides extensive introduction to the growing body of literature in the rising field of economics of sport. The book s relevant monographs should be read by institutions, cities and countries prior to their committing major resources towards sports facilities or a sporting event. James Angresano, Journal of Sports Economics One could think of this book as the sports-and-economics counterpart to Joy of Cooking, because it will satisfy the needs of those with a keen interest in such subjects as the
Download or read book Using Auctions to Improve Tournaments written by Richard Lee Fullerton and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reinventing the Bazaar A Natural History of Markets written by John McMillan and published by W. W. Norton & Company. This book was released on 2003-11-17 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Clear, insightful, and nondogmatic, this book gives us a new appreciation for one of our most ubiquitous institutions. From the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-Communist economies, markets have suddenly become quite visible. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?" Taking us on a lively tour of a world we once took for granted, John McMillan offers examples ranging from a camel trading fair in India to the $20 million per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, he shows us that markets are neither magical nor immoral. Rather, they are powerful if imperfect tools, the best we've found for improving our living standards. A New York Times Notable Book.
Download or read book Tournaments and Auctions written by Jennifer Elizabeth Brown and published by . This book was released on 2008 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Theory of Auctions written by Paul Klemperer and published by Edward Elgar Publishing. This book was released on 2000 with total page 712 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set collects critical papers in the economic theory of auctions. Klemperer (economics, Oxford U.) starts with an introduction that summarizes the most basic concepts of auction theory. Next, 31 papers discuss early literature; introduction to the recent literature; the basic analysis of optimal auctions, revenue, equivalence, and marginal revenues; risk aversion; correlation and affiliation; asymmetries; entry costs and the number of bidders; and collusion. In Volume II, 27 papers cover multiunit auctions; royalties, incentive, contracts and payments for quality; double auctions, etc.; other topics (budget constraints, externalities between bidders, jump bidding, war of attrition, and competing auctioneers); and testing the theory. The set lacks a subject index. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book 40 Years of Research on Rent Seeking 2 written by Roger D. Congleton and published by Springer Science & Business Media. This book was released on 2008-08-01 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The scope of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research. The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also appUcations of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, poUtical com petition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earUer surveys. Volume I contains previously pubhshed research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously published research that uses the theory of rent-seeking to an alyze a broad range of public policy and social science topics. The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included.
