Download or read book Auction Theory written by Vijay Krishna and published by Academic Press. This book was released on 2009-09-28 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auction Theory, Second Edition improves upon his 2002 bestseller with a new chapter on package and position auctions as well as end-of-chapter questions and chapter notes. Complete proofs and new material about collusion complement Krishna’s ability to reveal the basic facts of each theory in a style that is clear, concise, and easy to follow. With the addition of a solutions manual and other teaching aids, the 2e continues to serve as the doorway to relevant theory for most students doing empirical work on auctions. Focuses on key auction types and serves as the doorway to relevant theory for those doing empirical work on auctions New chapter on combinatorial auctions and new analyses of theory-informed applications New chapter-ending exercises and problems of varying difficulties support and reinforce key points
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 A Theory of Auctions and Competitive Bidding written by Paul R. Milgrom and published by . This book was released on 1981 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Section 2, we review some important results of the received auction theory, introduce a new general auction model, and summarize the results of our analysis. Section 3 contains a formal statement of our model, and develops the properties of affiliated random variables. The various theorems are presented in Sections 4-8. In Section 9, we offer our views on the current state of auction theory. Following Section 9 is a technical appendix dealing with affiliated random variables.
Download or read book Essays in the Theory of Auctions and Competitive Bidding written by Keith Waehrer and published by . This book was released on 1992 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 Multi round Auctions for Institutional Real Estate Assets written by James Aidan Foley and published by . This book was released on 2003 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of auctions has grown dramatically over the last four decades; it offers guidance and insights into the conduct of efficient and optimal auctions in real estate, and other industries. In this thesis an auction process used to sell institutional real estate assets in the US is identified. This auction came into being during the 1990s, and is now in common use. The auction is recorded though surveys with industry representatives and is characterized. Problems with the auction are identified, and solutions are proposed, referencing this auction to the body of auction theory. The auction consists of two rounds of sealed bid submissions, with attrition in the number of competitive bidders. After competitive bidding is complete a preferred bidder is selected, and engages in due diligence, a practice that often uncovers new information and induces renegotiation. Bids are not binding during the bidding process, because the auction is informationally incomplete. Sellers analyze bids based on the perceived quality of the bidder as a contractual partner, as well as the bid's value, complicating the objective selection of the best bidder. The auction is bilaterally incomplete and unstable, potentially influencing efficiency and optimality. Recommendations to improve the process are made. Descriptive statistics are formed and presented of multi-round auctions for institutional real estate assets.
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 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auction theory is now an important component of an economist's training. The techniques and insights gained from the study of auction theory provide a useful starting point for those who want to venture into the economics of information, mechanism design, and regulatory economics.This book provides a step-by-step, self-contained treatment of the theory of auctions. It allows students and readers with a calculus background to work through all the basic results, covering the basic independent-private-model; the effects of introducing correlation in valuations on equilibrium behaviour and the seller's expected revenue; mechanism design; and the theory of multi-object auctions.
Download or read book Negotiation Auctions and Market Engineering written by Henner Gimpel and published by Springer Science & Business Media. This book was released on 2008-02-05 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains a selection of papers presented at the International Seminar "Negotiation and Market Engineering", held at Dagstuhl Castle, Germany, in November 2006. The 17 revised full papers presented were carefully selected and reviewed. The papers deal with the complexity of negotiations, auctions, and markets as economic, social, and IT systems. The authors give a broad overview on the major issues to be addressed and the methodologies used to approach them.
Download or read book Auctioning Public Assets written by Maarten Christiaan Wilhelmus Janssen and published by Cambridge University Press. This book was released on 2004 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many countries all over the world, governments are privatising firms that were previously under public control. This is happening, for example, in public utility sectors such as gas, water and electricity, in transport sectors (such as rail and metro) and in radio and telephony. This book provides an overview of the economic issues that are involved in this transfer of ownership of public assets. Combining a theoretical framework with a set of case studies of recent sales of state-owned assets from Europe and the USA, it asks which sort of allocation mechanism can a government adopt? Which is most suited to a particular sale? And how will the choice of allocation mechanism affect future market outcomes? With contributions from international experts, this book offers an accessible introduction to auction theory and an invaluable, non-technical analysis of existing knowledge. It will be of interest to students, non-specialists and policy-makers alike.
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 Competitive Bidding in the 21st Century written by Marshall Miles and published by Master Point Press. This book was released on 2000 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Miles addresses the complex arena of competitive bidding methods for the more advanced player. He discusses current thinking, and recommends methods which will continue to be playable as bridge enters its second century. This book will appeal to fairly serious players only. There are two earlier books on this topic by the same author, 5 and 10 years old respectively, and therefore superseded by this new work.
Download or read book Auctions written by Mr.Robert Alan Feldman and published by International Monetary Fund. This book was released on 1993-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major effort is taking place in many parts of the world to establish market-oriented institutions, a development that is particularly evident in the context of the transforming economies in Eastern Europe and the republics of the former Soviet Union. Against this background, this paper assesses various auction techniques to price and allocate government securities, refinance credit, foreign exchange, and state assets in the context of privatization programs. Before making our recommendations on the appropriate format for auctioning these items, the paper explains basic auction formats and assesses the advantages and disadvantages of these formats drawing on the existing, and mostly theoretical, literature.
Download or read book A Primer on Auction Design Management and Strategy written by David J. Salant and published by MIT Press. This book was released on 2014-12-19 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to modeling and analyzing auctions, with the applications of game theory and auction theory to real-world auction decision making. Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions. This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.
Download or read book Combinatorial Auctions written by Peter C. Cramton and published by MIT Press (MA). This book was released on 2006 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: A synthesis of theoretical and practical research on combinatorial auctions from the perspectives of economics, operations research, and computer science.
Download or read book Models of Auctions and Competitive Bidding written by M. H. Rothkopf and published by . This book was released on 1991 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
