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Primer on auction design, management, and strategy / David J. Salant.

By: Material type: TextTextPublication details: Cambridge : MIT Press, ©2014.Description: xiv, 184 pages ; 24 cmISBN:
  • 9780262028264
Subject(s): DDC classification:
  • 658.877 23 Sa161
Contents:
1. Introduction -- 2. Game theory, auction design, and strategy -- 3. Revenue equivalence -- 4. Optimal and VCG auctions -- 5. Imperfect information and the winner's curse -- 6. Sequential auctions of substitutes -- 7. Sequential auctions of complements -- 8. Single-product auctions -- 9. Simultaneous auctions -- 10. Combinatorial auctions -- 11. Final remarks.
Summary: This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.
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Holdings
Item type Current library Call number Status Date due Barcode Item holds
Books ISI Library, Kolkata 658.877 Sa161 (Browse shelf(Opens below)) Available 137437
Total holds: 0

Includes bibliographical references and index.

1. Introduction --
2. Game theory, auction design, and strategy --
3. Revenue equivalence --
4. Optimal and VCG auctions --
5. Imperfect information and the winner's curse --
6. Sequential auctions of substitutes --
7. Sequential auctions of complements --
8. Single-product auctions --
9. Simultaneous auctions --
10. Combinatorial auctions --
11. Final remarks.

This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.

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