Putting Auction Theory to Work
by Paul R. Milgrom
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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
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Business, Nonfiction, academic, microeconomics, economics, Auctions, Mathematical models, Auction theory, Privatization, Vente aux enchères, Modèles mathématiques, Privatisation, BUSINESS & ECONOMICS, Industries, Retailing, Marketing, Direct, TRAVEL, Shopping, Auktionstheorie, Spieltheorie, Veilingen, Wiskundige modellenShowing 5 featured editions. View all 5 editions?
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1
Putting Auction Theory to Work
2004, Cambridge University Press
Hardcover
in English
0521551846 9780521551847
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2
Putting Auction Theory to Work
2004, Cambridge University Press
Paperback
in English
0521536723 9780521536721
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PUTTING AUCTION THEORY TO WORK.
2004, CAMBRIDGE UNIV PRESS, Cambridge University Press
in Undetermined
0521536723 9780521536721
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Putting Auction Theory to Work
2000, Cambridge University Press
E-book
in English
051116257X 9780511162572
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5
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Book Details
First Sentence
"To most telecommunications industry commentators, the main significance of the US spectrum auctions was that a market mechanism was used at all."
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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.
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| December 17, 2022 | Edited by MARC Bot | import existing book |
| October 12, 2020 | Edited by Tom Morris | merge authors |
| September 13, 2020 | Edited by MARC Bot | import existing book |
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| December 10, 2009 | Created by WorkBot | add works page |