Bidding Asymmetries In Multi Unit Auctions
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Author | : Sushil Bikhchandani |
Publisher | : Cambridge University Press |
Total Pages | : 509 |
Release | : 2013-08-12 |
Genre | : Business & Economics |
ISBN | : 1107433762 |
There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also in professional schools and programs oriented toward business, government and administration, and public policy. This book attempts to unify the subject matter in a simple, accessible manner. Part I of the book focuses on the economics of uncertainty; Part II examines the economics of information. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, common-value auctions, and the one-shot deviation principle for repeated games.
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 | : 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.
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.
Author | : Vijay Krishna |
Publisher | : Academic Press |
Total Pages | : 337 |
Release | : 2009-09-28 |
Genre | : Business & Economics |
ISBN | : 0080922937 |
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
Author | : Marcel Boyer |
Publisher | : North Holland |
Total Pages | : 336 |
Release | : 1984 |
Genre | : Business & Economics |
ISBN | : |
Author | : Markus Konrad Brunnermeier |
Publisher | : Oxford University Press, USA |
Total Pages | : 264 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 9780198296980 |
The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
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.
Author | : Matthew L. Gentry |
Publisher | : Foundations and Trends (R) in Econometrics |
Total Pages | : 244 |
Release | : 2018-04-26 |
Genre | : Auctions |
ISBN | : 9781680834468 |
Structural Econometrics of Auctions summarizes the structural econometric analysis of observational data from auctions.
Author | : C. Bessiere |
Publisher | : IOS Press |
Total Pages | : 1056 |
Release | : 2012-08-15 |
Genre | : Computers |
ISBN | : 1614990980 |
Artificial intelligence (AI) plays a vital part in the continued development of computer science and informatics. The AI applications employed in fields such as medicine, economics, linguistics, philosophy, psychology and logical analysis, not forgetting industry, are now indispensable for the effective functioning of a multitude of systems. This book presents the papers from the 20th biennial European Conference on Artificial Intelligence, ECAI 2012, held in Montpellier, France, in August 2012. The ECAI conference remains Europe's principal opportunity for researchers and practitioners of Artificial Intelligence to gather and to discuss the latest trends and challenges in all subfields of AI, as well as to demonstrate innovative applications and uses of advanced AI technology. ECAI 2012 featured four keynote speakers, an extensive workshop program, seven invited tutorials and the new Frontiers of Artificial Intelligence track, in which six invited speakers delivered perspective talks on particularly interesting new research results, directions and trends in Artificial Intelligence or in one of its related fields. The proceedings of PAIS 2012 and the System Demonstrations Track are also included in this volume, which will be of interest to all those wishing to keep abreast of the latest developments in the field of AI.