Download or read book Collusive Bidder Behavior at a Single Object English Auction written by Daniel A. Graham and published by . This book was released on 1985 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Auctioneer s Behavior at a Single Object English Auction with Heterogeneous Non cooperative Bidders written by Daniel A. Graham and published by . This book was released on 1987 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Auction Theory written by Vijay Krishna and published by Academic Press. This book was released on 2002-03-13 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Vijay Krishna's book provides a very thorough and patient presentation of auction theory, starting from the most basic analysis and graduating to sophisticated, state of the art theory, including multi-unit auctions. This book covers a very wide range of auction topics, providing a clear and accessible treatment. The theory is presented in a careful and easily understood style accessible to honors undergraduates as well as all economics graduate students. Krishna's book will certainly become the central book on auction theory." --R. Preston McAfee, Murray S. Johnson Chair in Economics, University of Texas "This book not only sets out much of the theoretical literature on auctions-including results that are very recent-but does so with a clarity, elegance, and rigor that is characteristic of Vijay Krishna's work." --Eric Maskin, A.O. Hirschman Professor of Social Science, Institute for Advanced Study, Princeton, New Jersey "The book gives a superb presentation of auction theory, with clear and concise proofs of all results. It is essential reading for any serious student of auctions." --Peter Cramton, Professor of Economics, University of Maryland "This is the book we have been waiting for: a high level treatment of auction theory that carefully presents the technical details necessary for an in depth understanding of the main themes of auction theory, ideal as a basis for a graduate course, and by an author who has himself made important contributions to the subject." --Paul Klemperer, Edgeworth Professor of Economics, Nuffield College, University of Oxford, United Kingdom Through accessible, detailed examinations of themes central to auction theory, Vijay Krishna explores auctions and competitive bidding as games of incomplete information. His results on bidding strategies, efficiency, and revenue maximization and his clear proofs for each proposition make this book both the standard reference on auctions and the first source of authoritative information about multiunit auctions. Well organized and featuring straightforward intuition, Auction Theory's depth and breadth lay bare the complexity and utility of this growing field.
Download or read book Common Value Auctions and the Winner s Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2002-08-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Melding theory with the econometric analysis of filed data, the authors of this text assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. They then gauge the sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisions of sophisticated bidders with students, the usual guinea pigs used in laboratory experiments.
Download or read book Bids as a Vehicle of Mis Information written by Marco Pagnozzi and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an English auction, a bidder's strategy depends on the prices at which his competitors drop out, because these convey information on the value of the object on sale. A ring of colluding bidders can strategically manipulate the information transmitted through its members' bids, in order to mislead other bidders into bidding less aggressively and thus allow a designated bidder to bid more aggressively. Collusion increases the probability that the ring wins the auction and reduces the price it pays. The presence of a ring harms other bidders (as well as the seller) and reduces efficiency.
Download or read book Auction Theory written by Pak-Sing Choi and published by Springer Nature. This book was released on 2021-05-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides a short introduction to auction theory through exercises with detailed answer keys. Focusing on practical examples, this textbook offers over 80 exercises that predict bidders’ equilibrium behaviour in different auction formats, along with the seller’s strategic incentives to organize one auction format over the other. The book emphasizes game-theoretic tools, so students can apply similar tools to other auction formats. Also included are several exercises based on published articles, with the model reduced to its main elements and the question divided into several easy-to-answer parts. Little mathematical background in algebra and calculus is assumed, and most algebraic steps and simplifications are provided, making the text ideal for upper undergraduate and graduate students. The book begins with a discussion of second-price auctions, which can be studied without using calculus, and works through progressively more complicated auction scenarios: first-price auctions, all-pay auctions, third-price auctions, the Revenue Equivalence principle, common-value auctions, multi-unit auctions, and procurement auctions. Exercises in each chapter are ranked according to their difficulty, with a letter (A-C) next to the exercise title, which allows students to pace their studies accordingly. The authors also offer a list of suggested exercises for each chapter, for instructors teaching at varying levels: undergraduate, Masters, Ph.D. Providing a practical, customizable approach to auction theory, this textbook is appropriate for students of economics, finance, and business administration. This book may also be used for related classes such as game theory, market design, economics of information, contract theory, or topics in microeconomics.
Download or read book Auctions of Identical Objects with Single unit Demands written by Flavio M. Menezes and published by . This book was released on 1999 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rings in Auctions written by Angelo Artale and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: In auctions, bidders compete with one another in their attempt to 1 purchase the goods that are up for sale • But buyer competition may be reduced or disappear when a ring of colluding bidders is present. The purpose of the participants to a ring is to eliminate buyer competition and to realize a gain over vendors. When all participants are members of the ring, this is done by purchasing the item at the reserve price and splitting the spoils (the difference between the item market value and the reserve price) among the participants. "The term ring apparently derives from the fact that in a settlement sale following the auction, members of the collusive arrangement form a circle or ring to facilitate observation of their trading behavior by the ring leader" (Cassady jr. (1967)). If the coalition members knew other players' values, the problem faced by the ring might be easily solved: the player with the highest value should submit a serious bid and the other members, on the contrary, only phony bids. However, ring participants do not usually know the values of other members. Therefore, ring members have to find out some mechanism which selects the player who has to bid seriously and, eventually, esta blish side payments paid to each of the losers2.
Download or read book Non equivalence of English and Second price Auctions written by Soo Hong Chew and published by . This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bidder Collusion and the Auction with Target Bids written by Olga Gorelkina and published by . This book was released on 2017 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies collusion in one-shot auctions, where a buyer can bribe his competitors into lowering their bids. We modify the single-unit Vickrey auction to incite deviations from the designated-winner scenario and thus undermine collusion. The construction of mechanism does not require the knowledge of colluders' identities or distributions of valuations, in which sense it is entirely detail-free.
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 Collusion in Uniform price Auctions written by Gautam Goswami and published by . This book was released on 1995 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bids as a Vehicle of mis information written by Marco Pagnozzi and published by . This book was released on 1999 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On Some Collusive and Signaling Equilibria in Ascending Auctions for Multiple Objects written by Gian-Luigi Albano and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider two ascending auctions and show that many of the (unwanted) collusive or signaling equilibria studied in the literature in the framework of the SEAMO (simultaneous English auction for multiple objects) don't have a counterpart in the JAMO (Japanese auction for multiple objects). We show however that certain retaliatory equilibria do exist in both auctions.
Download or read book Three Essays on Collusion in English Auctions written by Uma Kaplan and published by . This book was released on 2018 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is composed of three chapters that examine topics related to collusion in English auctions. In the first chapter, we develop a fully nonparametric identification framework and a test of collusion in ascending bid auctions. Assuming efficient collusion, we show that the underlying distributions of values can be identified despite collusive behavior when there is at least one known competitive bidder. We propose a nonparametric estimation procedure for the distributions of values and a bootstrap test of the null hypothesis of competitive behavior against the alternative of collusion. In the second chapter, we adopt a copula-based approach to identification. We succeed in showing that joint distribution function of private valuations is identifiable under certain conditions. Finally, we propose a semiparametric strategy, based on Archimedean copulas, to identify and estimate the model primitives and analyze the dependence relation between bids in English auctions. One advantage this approach has is that it allows us to separate the estimation of the marginal distribution from the estimation of the joint distribution of underlying bidder values. The third chapter is an empirical study of the municipal GIC auctions, motivated by the theoretical frameworks developed in the first two chapters.
Download or read book A Test for Collusion Between a Bidder and an Auctioneer in Sealed Bid Auctions written by Allan T. Ingraham and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper derives a regression-based test to detect bidder-auctioneer cheating in sealed bid auctions. I apply this regression test to data from the New York City School Construction Authority auctions, an approximate one billion dollar per year auction market in which an auctioneer engaged in bidder-auctioneer cheating. Using the regression analysis to compare lots where bid rigging occurred with certainty to all other auctions allows one to conclude that bidder-auctioneer cheating significantly distorted the bid distribution. Comparing specific auctioneer lots before news of the cheating scandal became public with those after the scandal, I find significant differences in bidding, at the 10 percent level of significance, for two auctioneers. Therefore, bidder-auctioneer cheating may not have been limited to the one auctioneer charged with rigging bids.
Download or read book Biasing Auction written by E. Glen Weyl and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bidders' psychological biases can have important effects on behavior in auctions and the principles of auction design. I consider two potential sources of the winner's curse in common values auctions. The first, overconfidence, is here defined for the first time in a fully general, distribution free manner by bidders believing their signals are more informative than they really are. The other bias, disregard, is intended to capture the spirit of an alternative explanation of the winner's curse proposed by Eyster and Rabin (2006) and is present when bidders underestimate the informativeness of other bidders' signals. When the value of the object is normally distributed, the two hypotheses can be formulated in an intuitive manner. Both explain the winner's curse, but they offer sharply different predictions about bidder behavior and prescriptions for auction design. When bidders are very overconfident, the first-price auction is revenue preferred to the second-price auction. Furthermore, even when the effects are relatively mild, they can reverse Milgrom and Weber (1982)'s Disclosure Principle as it can be optimal for auctioneers to induce speculation.
