Open AccessBook
An Introduction to Auction Theory
Flavio M. Menezes,Paulo Klinger Monteiro +1 more
- 04 Nov 2004
198
TL;DR: In this paper, the authors introduce the concept of Bayesian Nash equilibrium and the idea of studying auctions as games, and derive a general version of the revenue equivalence theorem and characterize the optimal auction.
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Abstract: This book presents an in-depth discussion of the auction theory. It introduces the concept of Bayesian Nash equilibrium and the idea of studying auctions as games. Private, common, and affiliated values models and multi-object auction models are described. A general version of the Revenue Equivalence Theorem is derived and the optimal auction is characterized to relate the field of mechanism design to auction theory.(Publisher website)
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Citations
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Lower price increases, the bounded rationality of bidders, and underbidding concerns in online agricultural land auctions: The Ukrainian case
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Logics, thresholds, strategic power, and the promotion of liberalisation by governments: a case study from British Higher Education
TL;DR: In this paper, the authors eschew deterministic accounts of liberalisation by considering why government attempts to institute competition may be successful in some cases and not others, and the relative strength of explanations focusing on the institutional context, and on the volume and power of sectoral actors supporting liberalisation.
Reputation and Mechanism Choice in Procurement Auctions - An Experiment
TL;DR: In this article, the role of reputation in procurement using two common mechanisms: price-based and buyer-determined auctions was investigated and it was shown that bidders supply higher quality in buyer-dictated auctions leading to higher market efficiencies in these auctions.
References
Optimal Auction Design
TL;DR: Optimal auctions are derived for a wide class of auction design problems when the seller has imperfect information about how much the buyers might be willing to pay for the object.
7K
A theory of auctions and competitive bidding
Paul Milgrom,Robert J. Weber +1 more
TL;DR: In this article, a new general auction model was proposed, and the properties of affiliated random variables were investigated, and various theorems were presented in Section 4-8 and Section 9.
•Book
A course in probability theory
Kai Lai Chung
- 01 Jan 2001
TL;DR: This edition of A Course in Probability Theory includes an introduction to measure theory that expands the market, as this treatment is more consistent with current courses.
3.1K
Regulating a monopolist with unknown costs
David P. Baron,Roger B. Myerson +1 more
TL;DR: In this paper, the authors consider the problem of how to regulate a monopolistic firm whose costs are unknown to the regulator, and derive an optimal regulatory policy for the case in which the regulator does not know the costs of the firm.
Auction Theory: A Guide to the Literature
TL;DR: In this article, Klemperer et al. provide an elementary, non-technical, survey of auction theory, by introducing and describing some of the critical papers in the subject.