Putting Auction Theory to Work

Description

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.

First Sentence

To most telecommunications industry commentators, the main significance of the US spectrum auctions was that a market mechanism was used at all.

Description

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. Author is the world's leading active scholar on auctions, internationally celebrated for his research on auction design The most comprehensive and up-to-date book on the subject; author answers his critics in the literature A must-buy for graduate students source: https://www.cambridge.org/nl/academic/subjects/economics/microeconomics/putting-auction-theory-work?format=PB&isbn=9780521536721

Subjects

Series Statement

• Churchill Lectures in Economics

Other Editions

• Putting Auction Theory to WorkPaperbackCambridge University Press2004-01-01
• Putting auction theory to workWorld Bank1998-01-01
• PUTTING AUCTION THEORY TO WORK.CAMBRIDGE UNIV PRESS2004-01-01
• Putting Auction Theory to WorkHardcoverCambridge University Press2004-01-01