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Putting Auction Theory to Work Hardback - 2004 - 1st Edition
by Paul Milgrom
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Summary
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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First line
To most telecommunications industry commentators, the main significance of the US spectrum auctions was that a market mechanism was used at all.
Details
- Title Putting Auction Theory to Work
- Author Paul Milgrom
- Binding Hardback
- Edition number 1st
- Edition 1
- Pages 394
- Volumes 1
- Language ENG
- Publisher Cambridge University Press
- Publication date 2004-01-12
- Illustrated Yes
- Features Bibliography, Illustrated, Index
- ISBN 9780521551847 / 0521551846
- Weight 1.43 lbs (0.65 kg)
- Dimensions 9.46 x 6.22 x 1.02 in (24.03 x 15.80 x 2.59 cm)
- Category Business / Economics / Finance
- Library of Congress subjects Auctions - Mathematical models
- Library of Congress Catalogue Number 2003051544
- Dewey Decimal Code 381.170
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