Putting Auction Theory To Work

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Putting Auction Theory To Work

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Author : Paul Milgrom
language : en
Publisher: Cambridge University Press
Release Date : 2004-01-12

Putting Auction Theory To Work written by Paul Milgrom and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-12 with Business & Economics categories.

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.

Putting Auction Theory To Work

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Author : Paul Robert Milgrom
language : en
Publisher: Cambridge University Press
Release Date : 2004-01-12

Putting Auction Theory To Work written by Paul Robert Milgrom and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-12 with Business & Economics categories.

Table of contents

Putting Auction Theory To Work

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Author : Paul R. Milgrom
language : en
Publisher:
Release Date : 2013

Putting Auction Theory To Work written by Paul R. Milgrom and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

I review the uses of economic theory in the initial design and later improvement of the "simultaneous ascending auction," which was developed initially for the sale of radio spectrum licenses in the United States. I analyze some capabilities and limitations of the auction, the roles of various detailed rules, the possibilities for introducing combinatorial bidding, and some considerations in adapting the auction for sales in which revenue, rather than efficiency, is the primary goal.

Discovering Prices

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Author : Paul Milgrom
language : en
Publisher: Columbia University Press
Release Date : 2017-05-23

Discovering Prices written by Paul Milgrom and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-23 with Business & Economics categories.

Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.

Auction Theory

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Author : Vijay Krishna
language : en
Publisher: Academic Press
Release Date : 2009-09-28

Auction Theory written by Vijay Krishna and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-28 with Business & Economics categories.

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

Inside And Outside Liquidity

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Author : Bengt Holmstrom
language : en
Publisher: MIT Press
Release Date : 2011-01-07

Inside And Outside Liquidity written by Bengt Holmstrom and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-07 with Business & Economics categories.

Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.

An Introduction To Auction Theory

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Author : Flavio M. Menezes
language : en
Publisher: Oxford University Press, USA
Release Date : 2005

An Introduction To Auction Theory written by Flavio M. Menezes and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.

This book provides a step-by-step, self-contained treatment of auction theory and aims to provide an introductory treatment to allow students to work through all the basic results. The techniques and insights gained provide a useful starting point for those wanting to venture into information economics, mechanism design and regulatory economics.

Combinatorial Auctions

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Author : Peter C. Cramton
language : en
Publisher: MIT Press (MA)
Release Date : 2006

Combinatorial Auctions written by Peter C. Cramton and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.

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

The Theory Of General Economic Equilibrium

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Author : Andreu Mas-Colell
language : en
Publisher: Cambridge University Press
Release Date : 1985

The Theory Of General Economic Equilibrium written by Andreu Mas-Colell and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Business & Economics categories.

This book brings together the author's pioneering work, written over the last twenty years, on the use of differential methods in general equilibrium theory.