Putting Auction Theory to Work

Putting Auction Theory to Work
Author: Paul Milgrom
Publisher: Cambridge University Press
Total Pages: 378
Release: 2004-01-12
Genre: Business & Economics
ISBN: 1139449168

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.

Auction Theory

Auction Theory
Author: Pak-Sing Choi
Publisher: Springer Nature
Total Pages: 304
Release: 2021-05-24
Genre: Business & Economics
ISBN: 3030695751

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.

Networks, Crowds, and Markets

Networks, Crowds, and Markets
Author: David Easley
Publisher: Cambridge University Press
Total Pages: 745
Release: 2010-07-19
Genre: Computers
ISBN: 1139490303

Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.

Electricity Auctions

Electricity Auctions
Author: Luiz Maurer
Publisher: World Bank Publications
Total Pages: 181
Release: 2011-07-25
Genre: Business & Economics
ISBN: 082138824X

Electricity-contract auctions have been getting increased attention as they have emerged as a successful mechanism to procure new generation capacity and. This book presents a comprehensive overview of international experiences in auction design and implementation.

Auctioning Public Assets

Auctioning Public Assets
Author: Maarten Janssen
Publisher:
Total Pages: 344
Release: 2004
Genre: Business & Economics
ISBN:

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.

Auctions

Auctions
Author: Paul Klemperer
Publisher: Princeton University Press
Total Pages: 262
Release: 2004-03-28
Genre: Business & Economics
ISBN: 0691119252

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.

Operation of Distributed Energy Resources in Smart Distribution Networks

Operation of Distributed Energy Resources in Smart Distribution Networks
Author: Kazem Zare
Publisher: Academic Press
Total Pages: 424
Release: 2018-06-05
Genre: Technology & Engineering
ISBN: 0128148926

Operation of Distributed Energy Resources in Smart Distribution Networks defines the barriers and challenges of smart distribution networks, ultimately proposing optimal solutions for addressing them. The book considers their use as an important part of future electrical power systems and their ability to improve the local flexibility and reliability of electrical systems. It carefully defines the concept as a radial network with a cluster of distributed energy generations, various types of loads, and energy storage systems. In addition, the book details how the huge penetration of distributed energy resources and the intermittent nature of renewable generations may cause system problems. Readers will find this to be an important resource that analyzes and introduces the features and problems of smart distribution networks from different aspects. - Integrates different types of elements, including electrical vehicles, demand response programs, and various renewable energy sources in distribution networks - Proposes optimal operational models for the short-term performance and scheduling of a distribution network - Discusses the uncertainties of renewable resources and intermittent load in the decision-making process for distribution networks

Combinatorial Auctions

Combinatorial Auctions
Author: Peter C. Cramton
Publisher: MIT Press (MA)
Total Pages: 678
Release: 2006
Genre: Business & Economics
ISBN:

A synthesis of theoretical and practical research on combinatorial auctions from the perspectives of economics, operations research, and computer science.