Putting auction theory to work

Paul Milgrom

392 pages, parution le 12/03/2004

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Résumé

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.

L'auteur - Paul Milgrom

Paul Milgrom est professeur à l'université de Stanford. John Roberts, était également professeur à Stanford jusqu'en 1992 ; il est actuellement membre du Federal Reserve Board à Washington. Tous deux sont considérés comme des membres éminents de la nouvelle théorie microéconomique.

Sommaire

Getting to work
Vickrey-Clarke-Groves mechanisms
The envelope theorem and payoff equivalence
Bidding equilibrium and revenue differences
Interdependence of types and values
Auctions in context
Uniform price auctions
Package auctions and combinatorial bidding

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Cambridge University Press
Auteur(s)	Paul Milgrom
Parution	12/03/2004
Nb. de pages	392
Format	15 x 23
Couverture	Broché
Poids	547g
Intérieur	Noir et Blanc
EAN13	9780521536721
ISBN13	978-0-521-53672-1