Understanding Overbidding In Second Price Auctions
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| Author | : Srobonti Chattopadhyay |
| Publisher | : Routledge |
| Total Pages | : 94 |
| Release | : 2019-07-03 |
| Genre | : Business & Economics |
| ISBN | : 1351271075 |
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.
| Author | : John H. Kagel |
| Publisher | : Princeton University Press |
| Total Pages | : 771 |
| Release | : 2016-09-20 |
| Genre | : Business & Economics |
| ISBN | : 1400883172 |
An indispensable survey of new developments and results in experimental economics When The Handbook of Experimental Economics first came out in 1995, the notion of economists conducting lab experiments to generate data was relatively new. Since then, the field has exploded. This second volume of the Handbook covers some of the most exciting new growth areas in experimental economics, presents the latest results and experimental methods, and identifies promising new directions for future research. Featuring contributions by leading practitioners, the Handbook describes experiments in macroeconomics, charitable giving, neuroeconomics, other-regarding preferences, market design, political economy, subject population effects, gender effects, auctions, and learning and the economics of small decisions. Contributors focus on key developments and report on experiments, highlighting the dialogue between experimenters and theorists. While most of the experiments consist of laboratory studies, the book also includes several chapters that report extensively on field experiments related to the subject area studied. Covers exciting new growth areas in experimental economics Features contributions by leading experts Describes experiments in macroeconomics, charitable giving, neuroeconomics, market design, political economy, gender effects, auctions, and more Highlights the dialogue by experimenters with theorists and each other Includes several chapters covering field experiments related to the subject area studied
| Author | : John H. Kagel |
| Publisher | : Princeton University Press |
| Total Pages | : 419 |
| Release | : 2021-04-13 |
| Genre | : Business & Economics |
| ISBN | : 0691218951 |
An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
| Author | : |
| Publisher | : Elsevier |
| Total Pages | : 588 |
| Release | : 2022-06-29 |
| Genre | : Social Science |
| ISBN | : 0323988865 |
Handbook of Agricultural Economics, Volume Six highlights new advances in the field, with this new release exploring comprehensive chapters written by an international board of authors who discuss topics such as The Economics of Food Loss and Waste, Empowering Communities Using an Integrated Design of Food Networks, Concentration in Food and Agricultural Markets, Agriculture and trade, Producers, Consumers, and Value Chains in Developing Countries, The Multiple Burdens of Malnutrition: Dietary Transition and Food System Transformation in Economic Development, Psychophysiological Measures and Consumer Food Choice, and The Economics of Health and Nutrition Related Food Policies: The Effects on the Public Health and Malnutrition. - Presents the latest release in the Handbook of Agricultural Economics - Written and contributed by leaders in the field - Covers topics such as Economics on Food Loss and Waste, Integrated Design of Food Networks, Agriculture and Trade, and more
| 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.
| Author | : Martin Peitz |
| Publisher | : Oxford University Press |
| Total Pages | : 615 |
| Release | : 2012-08-23 |
| Genre | : Business & Economics |
| ISBN | : 0195397843 |
The economic analysis of the digital economy has been a rapidly developing research area for more than a decade. Through authoritative examination by leading scholars, this Handbook takes a closer look at particular industries, business practices, and policy issues associated with the digital industry. The volume offers an up-to-date account of key topics, discusses open questions, and provides guidance for future research. It offers a blend of theoretical and empirical works that are central to understanding the digital economy. The chapters are presented in four sections, corresponding with four broad themes: 1) infrastructure, standards, and platforms; 2) the transformation of selling, encompassing both the transformation of traditional selling and new, widespread application of tools such as auctions; 3) user-generated content; and 4) threats in the new digital environment. The first section covers infrastructure, standards, and various platform industries that rely heavily on recent developments in electronic data storage and transmission, including software, video games, payment systems, mobile telecommunications, and B2B commerce. The second section takes account of the reduced costs of online retailing that threatens offline retailers, widespread availability of information as it affects pricing and advertising, digital technology as it allows the widespread employment of novel price and non-price strategies (bundling, price discrimination), and auctions, as well as better tar. The third section addresses the emergent phenomenon of user-generated content on the Internet, including the functioning of social networks and open source. Finally, the fourth section discusses threats arising from digitization and the Internet, namely digital piracy, privacy and internet security concerns.
| Author | : Nicolas Jacquemet |
| Publisher | : Cambridge University Press |
| Total Pages | : 475 |
| Release | : 2018-11-29 |
| Genre | : Business & Economics |
| ISBN | : 1107060273 |
Over the past two decades, experimental economics has moved from a fringe activity to become a standard tool for empirical research. With experimental economics now regarded as part of the basic tool-kit for applied economics, this book demonstrates how controlled experiments can be a useful in providing evidence relevant to economic research. Professors Jacquemet and L'Haridon take the standard model in applied econometrics as a basis to the methodology of controlled experiments. Methodological discussions are illustrated with standard experimental results. This book provides future experimental practitioners with the means to construct experiments that fit their research question, and new comers with an understanding of the strengths and weaknesses of controlled experiments. Graduate students and academic researchers working in the field of experimental economics will be able to learn how to undertake, understand and criticise empirical research based on lab experiments, and refer to specific experiments, results or designs completed with case study applications.
| Author | : John H. Kagel |
| Publisher | : Princeton University Press |
| Total Pages | : 742 |
| Release | : 2020-05-05 |
| Genre | : Business & Economics |
| ISBN | : 0691213259 |
This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.
| 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.
| Author | : Stephen M. Garcia |
| Publisher | : Oxford University Press |
| Total Pages | : 689 |
| Release | : 2024-01-19 |
| Genre | : Education |
| ISBN | : 0190060808 |
The Oxford Handbook of the Psychology of Competition reviews and organizes the literature on the psychology of competition and brings together leading researchers studying competition across the field of psychology. This volume is a crucial interdisciplinary investigation into the variety of perspectives and approaches to the psychology of competition, facilitating new research and integration in the field.
