Download or read book Understanding Auctions written by Asunción Mochón and published by Springer. This book was released on 2014-09-15 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, auctions have become an important field and many markets have designed new and sophisticated auction models to assign different types of items. The prime goal of this book is to set an organized classification of the main auction mechanisms in a way that readers can understand the importance of auction design and the advantages and drawbacks of each model. Given the relevance of the subject, there is a great volume of research about this topic. Nevertheless, most of these contributions use complex mathematical language difficult to understand for the average reader. In this book, the authors summarize the main ideas of the auction theory and explain them with simple language and plenty of examples. This book is a good starting point for any researcher interested in embracing the auction design as it also includes numerous real-world examples to engage the reader in the topic. “This book fills an important gap by making the main ideas and findings of auction research accessible.” Professor Paul Milgrom, Department of Economics, Stanford University.
Download or read book Understanding Auctions written by Srobonti Chattopadhyay and published by Routledge. This book was released on 2019-07-03 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book elaborates the basic principles of Auction Theory in a non-technical language so as to make them easily accessible to even those not trained in the discipline. Auctions as allocation mechanisms have been in use across the world since antiquity and are still employed in different countries for purchase and sales of a wide range of objects, both by governments and by private agents. Auction has gained popularity over other allocation mechanisms since the rules of auctions are very precise, involve much less subjective judgements compared to other alternative allocation mechanisms and lead to a more efficient process of discovering the true willingness of the buyers to pay. Moreover, the principles of Auction Theory are used in other contexts, for example in designing contests, or in controlling emission levels through allocation of permits and licenses.
Download or read book Auctions written by Timothy P. Hubbard and published by MIT Press. This book was released on 2016-01-06 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: How auctions work, in theory and practice, with clear explanations and real-world examples that range from government procurement to eBay. Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples. The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information—that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.
Download or read book Understanding Auctions written by Srobonti Chattopadhyay and published by Routledge. This book was released on 2019-07-03 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book elaborates the basic principles of Auction Theory in a non-technical language so as to make them easily accessible to even those not trained in the discipline. Auctions as allocation mechanisms have been in use across the world since antiquity and are still employed in different countries for purchase and sales of a wide range of objects, both by governments and by private agents. Auction has gained popularity over other allocation mechanisms since the rules of auctions are very precise, involve much less subjective judgements compared to other alternative allocation mechanisms and lead to a more efficient process of discovering the true willingness of the buyers to pay. Moreover, the principles of Auction Theory are used in other contexts, for example in designing contests, or in controlling emission levels through allocation of permits and licenses.
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 Modeling Online Auctions written by Wolfgang Jank and published by John Wiley & Sons. This book was released on 2010-12-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explore cutting-edge statistical methodologies for collecting, analyzing, and modeling online auction data Online auctions are an increasingly important marketplace, as the new mechanisms and formats underlying these auctions have enabled the capturing and recording of large amounts of bidding data that are used to make important business decisions. As a result, new statistical ideas and innovation are needed to understand bidders, sellers, and prices. Combining methodologies from the fields of statistics, data mining, information systems, and economics, Modeling Online Auctions introduces a new approach to identifying obstacles and asking new questions using online auction data. The authors draw upon their extensive experience to introduce the latest methods for extracting new knowledge from online auction data. Rather than approach the topic from the traditional game-theoretic perspective, the book treats the online auction mechanism as a data generator, outlining methods to collect, explore, model, and forecast data. Topics covered include: Data collection methods for online auctions and related issues that arise in drawing data samples from a Web site Models for bidder and bid arrivals, treating the different approaches for exploring bidder-seller networks Data exploration, such as integration of time series and cross-sectional information; curve clustering; semi-continuous data structures; and data hierarchies The use of functional regression as well as functional differential equation models, spatial models, and stochastic models for capturing relationships in auction data Specialized methods and models for forecasting auction prices and their applications in automated bidding decision rule systems Throughout the book, R and MATLAB software are used for illustrating the discussed techniques. In addition, a related Web site features many of the book's datasets and R and MATLAB code that allow readers to replicate the analyses and learn new methods to apply to their own research. Modeling Online Auctions is a valuable book for graduate-level courses on data mining and applied regression analysis. It is also a one-of-a-kind reference for researchers in the fields of statistics, information systems, business, and marketing who work with electronic data and are looking for new approaches for understanding online auctions and processes. Visit this book's companion website by clicking here
Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Download or read book Technology Market Transactions written by Frank Tietze and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This study of technology auctions is long overdue. The book provides a better understanding of intermediaries, and their role and impact in markets for technology. Both scholars and managers will find it insightful.' Alfonso Gambardella, Bocconi University, Italy 'From this book, managers, academics and innovation policy makers will all benefit from new insights into the complex relationships between external technology exploitation strategies, patents, technology trade and open innovation processes. The convincing evidence drawn from a dataset of technology auctions helps firms to understand which of their patents are suitable for auction, and also provides guidance to intermediaries to help improve the auction models. The data presented in this book contributes to further price transparency on technology markets and hence to their further development.' Hugo Tschirky, ETH Zurich, Switzerland Within the open innovation paradigm, firms need to operate efficiently in markets for technology. This book presents original research on technology transactions, market intermediaries and, specifically, the role of auctions as a novel transaction model for patented technologies. Frank Tietze delivers an in-depth discussion of the impact of empirical results upon transaction cost theory, and in so doing, provides the means for better understanding technology transaction processes in general, and auctions in particular. Substantiating transaction cost theory with empirical auction data, the author goes on to explore how governance structures need to be designed for effective distributed innovation processes. He concludes that the auction mechanism is a viable transaction model, and illustrates that the auction design, as currently operated by market intermediaries, requires thorough adjustments. Various options for possible improvements are subsequently prescribed. The theoretical facets of this book will strongly appeal to business economists, whilst its practical implications will provide an illuminating read for both academics and practitioners in the fields of innovation and intellectual property. Revealing empirically substantiated technology prices, this book will also prove to be of great interest to policy makers for further developing the markets for technology.
Download or read book An Introduction to Auction Theory written by Flavio M. Menezes and published by Oxford University Press, USA. This book was released on 2005 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a step-by-step, self-contained treatment of auction theory and aims to provide an introductory treatment to allow students to work through all the basic results. The techniques and insights gained provide a useful starting point for those wanting to venture into information economics, mechanism design and regulatory economics.
Download or read book Auction Bridge Standards written by Wilbur Cherrier Whitehead and published by . This book was released on 1921 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Auctions written by Charles W. Smith and published by Univ of California Press. This book was released on 1990-08-09 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Smith tells how the straight capitalist economic law of supply and demand rarely governs the auction process, and how the beliefs and actions of the auction participants determine values.
Download or read book Understanding Auction written by Lajuana Frodge and published by Independently Published. This book was released on 2021-07-10 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is all about fixing your personal insecurities around money narrative, how you self-manage money, talk of money, or of other's people money, and overall actionable and mental tips to be more confident with money. From real estate auctions to online auctions, you can find just about every type of auction you are looking for. Oliver also goes through the different personality types in a way where you can easily match up which personality is yours and even learn how to fix it and improve upon your specific personality. You are also taught what particular clues to look for when getting into an auction to make absolutely sure you are getting a great buy. This book covers a wide variety of important information to help not only someone new to the auction world but also has some great tips for seasoned auction-goers as well.
Download or read book Legal Theory of Auction written by Kristijan Poljanec and published by Taylor & Francis. This book was released on 2022-09-09 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: The widespread understanding of auction structure considers auction as consisting of three contracts: contract between the seller and the auctioneer, contract between the auctioneer and the buyer and the sale contract between the seller and the buyer. The book challenges this concept, arguing that the traditional tripartite concept of auction is too narrow and does not correspond to the actual structure of auction relations. Demonstrating that an auction structure consists of a plethora of legal relationships, including noncontractual relations, this book explores the legal concept of auction sale and the structure of accompanying relations. The book provides a historical overview of auctions and different auction models. Following a brief introduction to the economic theory, auction models are examined against the following legal criteria: price formation, publicity, parties’ autonomy, legal form and applied technology to find a legal concept and nature of auction. The book explores the legal position of key auction figures and auction objects to identify the categories of legal relations that appear at auction. It explores the legal nature of the main contract, as well as the relations between the consignor and the auctioneer, the auctioneer and the bidders, the bidders themselves, the consignor and the bidders. The book covers relations arising from droit de suite, financial and bidding agreements to provide a comprehensive overview of lesserknown legal relations that commonly arise in auction practice.
Download or read book The Principles Rules and Laws of Auction Bridge Stated Explained written by Joseph Bowne Elwell and published by . This book was released on 1910 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Markets in Profile written by James F. Dalton and published by John Wiley & Sons. This book was released on 2011-01-11 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets in Profile explores the confluence of three disparate philosophical frameworks: the Market Profile, behavioral finance, and neuroeconomics in order to present a unified theory of how markets work. The Market Profile is an ever-evolving, multidimensional graphic that gives visual form to the market's continuing auction process, revealing the myriad underlying dynamics that influence market activity. Behavioral finance posits that investors are driven more by emotional factors and the subjective interpretation of minutia than by "rationality" when making investment decisions. And neuroeconomics is the study of how investor psychology permeates and affects the financial markets. Mr. Dalton explicates the ways in which irrational human behavior influences the market's natural auction process, creating frequently predictable market structure, which results in opportunities for investors to ameliorate risk. The book will improve investors ability to interpret change in markets, enabling better, more confident investment decisions.
Download or read book Learning in Repeated Auctions written by Thomas Nedelec and published by . This book was released on 2022-02-14 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Online auctions are one of the most fundamental facets of the modern economy and power an industry generating hundreds of billions of dollars a year in revenue. Online auction theory has historically focused on the question of designing the best way to sell a single item to potential buyers relying on some prior knowledge agents were assumed to have on each other. In new markets, such as online advertising, however, similar items are sold repeatedly, and agents are unaware of each other or might try to manipulate each other, making the assumption invalid. Statistical learning theory now provides tools to supplement those missing pieces of information given enough data, as agents can learn from their environment to improve their strategies. This book is a comprehensive introduction to the learning techniques in repeated auctions. It covers everything from the traditional economic study of optimal one-shot auctions, through learning optimal mechanisms from a dataset of bidders' past values, to showing how strategic agents can actually manipulate repeated auctions to their own advantage. The authors explore the effects of different scenarios and assumptions throughout while remaining grounded in real-world applications. Many of the ideas and algorithms described are used every day to power the Internet economy. This book provides students, researchers and practitioners with a deep understanding of the theory of online auctions and gives practical examples of how to implement in modern-day internet systems.
Download or read book Understanding Spectrum Liberalisation written by Martin Sims and published by CRC Press. This book was released on 2015-08-26 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until the 1990s, almost all spectrum licenses were given away practically for free-even the first mobile licenses which laid the foundation for multi-billion dollar companies that dominate stock markets around the world. In the past fifteen years, there has been a concerted attempt to liberalise the sector and make it more open to market forces. Th
