An Empirical Test of Auction Efficiency

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Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis An Empirical Test of Auction Efficiency by : Pietro Bonaldi

Download or read book An Empirical Test of Auction Efficiency written by Pietro Bonaldi and published by . This book was released on 2015 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auction theory has ambiguous implications regarding the relative efficiency of three formats of multiunit auctions: uniform-price, discriminatory-price, and Vickrey auctions. We empirically evaluate the performance of these three auction formats using the bid-level data of the Federal Reserve's purchase auctions of agency mortgage-backed securities (MBS) from June 1, 2014 through November 17, 2014. We estimate marginal cost curves for all dealers, at each auction, based on structural models of the multiunit discriminatory-price auction. Our preliminary results suggest that neither uniform-price nor Vickrey auctions outperform discriminatory-price auctions in terms of the total expenditure. However, they do outperform in terms of efficiency, with efficiency gains around 0.74% of the surplus that dealers extract. We caution that our empirical estimation and analysis involve technical assumptions made about the specific auction mechanism the Federal Reserve uses and how auction participants perceive the auction mechanism, both of which may be distinct from practice and may alter the conclusions substantively.

Empirical Essays on the Efficiency of Heterogeneous Good Auction

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (61 download)

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Book Synopsis Empirical Essays on the Efficiency of Heterogeneous Good Auction by : Thomas A. Martin (IV.)

Download or read book Empirical Essays on the Efficiency of Heterogeneous Good Auction written by Thomas A. Martin (IV.) and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A recent pursuit of the auction design literature has been the development of an auction mechanism which performs well in a multi-good setting, when the goods are not substitutes. This work began in earnest with the Federal Communications Commission spectrum license auctions in the early nineties and continues to this day. In a setting in which goods are not substitutes, the value of one good depends non-negatively on the quantities of other goods that are won. This type of interdependent value structure has proven difficult to account for in auction design. However, the need for mechanisms that account for such a value structure hinges on the magnitude of the interdependence, whose computation is an empirical exercise. I identify a setting in which to perform this computation. I develop an empirical methodology that allows me to recover bidders' value functions in a multi-good auction setting. This methodology allows me to assess the magnitude of any interdependence in the goods? value structure. Since the auction setting that I analyze is a variation of the standard uniform price auction, which has been adapted for a multi-good setting, I am able to measure the benefit of having a direct revelation mechanism. This counterfactual study is performed by maximizing the value of the auction using the recovered bidder value functions. I find evidence that there is an interdependent value structure in the setting. The counterfactual auction finds that the standard uniform price auction, adapted to a multi-good setting, performs poorly in the presence of such a value structure. The setting for this analysis is an auction for financial transmission rights held in Texas in 2002. The auction involved twenty two firms and collected almost $70 million in revenue. This research is the first to empirically assess efficiency in this type of auction setting.

Handbook of Industrial Organization

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Publisher : Elsevier
ISBN 13 : 0323988881
Total Pages : 784 pages
Book Rating : 4.3/5 (239 download)

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Book Synopsis Handbook of Industrial Organization by :

Download or read book Handbook of Industrial Organization written by and published by Elsevier. This book was released on 2021-12-09 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Industrial Organization Volume 4 highlights new advances in the field, with this new volume presenting interesting chapters. Each chapter is written by an international board of authors. Part of the renowned Handbooks in Economics series Chapters are contributed by some of the leading experts in their fields A source, reference and teaching supplement for industrial organizations or industrial economists

Putting Auction Theory to Work

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Publisher : Cambridge University Press
ISBN 13 : 1139449168
Total Pages : 378 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Putting Auction Theory to Work by : Paul Milgrom

Download or read book Putting Auction Theory to Work written by Paul Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Auction Theory

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Publisher : Academic Press
ISBN 13 : 0080922937
Total Pages : 337 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Auction Theory by : Vijay Krishna

Download or read book Auction Theory written by Vijay Krishna and published by Academic Press. This book was released on 2009-09-28 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Game Theory and Business Applications

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Publisher : Springer Science & Business Media
ISBN 13 : 1461470951
Total Pages : 407 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Game Theory and Business Applications by : Kalyan Chatterjee

Download or read book Game Theory and Business Applications written by Kalyan Chatterjee and published by Springer Science & Business Media. This book was released on 2013-06-26 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game theory has been applied to a growing list of practical problems, from antitrust analysis to monetary policy; from the design of auction institutions to the structuring of incentives within firms; from patent races to dispute resolution. The purpose of Game Theory and Business Applications is to show how game theory can be used to model and analyze business decisions. The contents of this revised edition contain a wide variety of business functions – from accounting to operations, from marketing to strategy to organizational design. In addition, specific application areas include market competition, law and economics, bargaining and dispute resolution, and competitive bidding. All of these applications involve competitive decision settings, specifically situations where a number of economic agents in pursuit of their own self-interests and in accordance with the institutional “rules of the game” take actions that together affect all of their fortunes. As this volume demonstrates, game theory provides a compelling guide for analyzing business decisions and strategies.

Auctions with Resale when Private Values are Uncertain

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ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (249 download)

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Book Synopsis Auctions with Resale when Private Values are Uncertain by : Andreas Lange

Download or read book Auctions with Resale when Private Values are Uncertain written by Andreas Lange and published by . This book was released on 2004 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auction theory is one of the richest areas of research in economics over the past three decades. Yet whether and to what extent the introduction of secondary resale markets influences bidding behavior in sealed bid first-price auctions remains under researched. This study begins by developing theory to explore auctions with resale when private values are uncertain. We put our theory to the test by examining both field data and experimental data from the lab. Our field data are from a unique data set that includes nearly 3,000 auctions (over 10,000 individual bids) for cutting rights of standing timber in British Columbia from 1996-2000. In comparing bidding patterns across agents who are likely to have resale opportunities with those who likely do not, we find evidence that is consistent with our theoretical predictions. Critical evaluation of the reduced-form bidding model, however, reveals that sharp tests of the theoretical predictions are not possible because several other differences may exist across these bidder types. We therefore use a laboratory experiment to examine if the resale opportunity by itself can have the predicted effect. We find that while it does have the predicted effect, a theoretical model based on risk-averse bidders explains the overall data patterns more accurately than a model based on risk-neutral bidders. More generally, the paper highlights the inferential power of combining naturally occurring data with laboratory data.

Auctions

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Publisher : Princeton University Press
ISBN 13 : 0691186294
Total Pages : 263 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Auctions by : Paul Klemperer

Download or read book Auctions written by Paul Klemperer and published by Princeton University Press. This book was released on 2018-06-05 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.

Putting Auction Theory to Work

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Publisher : Cambridge University Press
ISBN 13 : 9780521536721
Total Pages : 396 pages
Book Rating : 4.5/5 (367 download)

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Book Synopsis Putting Auction Theory to Work by : Paul Robert Milgrom

Download or read book Putting Auction Theory to Work written by Paul Robert Milgrom and published by Cambridge University Press. This book was released on 2004-01-12 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents

The Double Auction Market

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Publisher : Routledge
ISBN 13 : 0429961081
Total Pages : 456 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis The Double Auction Market by : Daniel Friedman

Download or read book The Double Auction Market written by Daniel Friedman and published by Routledge. This book was released on 2018-05-04 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.

Auction Theory

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Publisher : Springer Nature
ISBN 13 : 3030695751
Total Pages : 304 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Auction Theory by : Pak-Sing Choi

Download or read book Auction Theory written by Pak-Sing Choi and published by Springer Nature. This book was released on 2021-05-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides a short introduction to auction theory through exercises with detailed answer keys. Focusing on practical examples, this textbook offers over 80 exercises that predict bidders’ equilibrium behaviour in different auction formats, along with the seller’s strategic incentives to organize one auction format over the other. The book emphasizes game-theoretic tools, so students can apply similar tools to other auction formats. Also included are several exercises based on published articles, with the model reduced to its main elements and the question divided into several easy-to-answer parts. Little mathematical background in algebra and calculus is assumed, and most algebraic steps and simplifications are provided, making the text ideal for upper undergraduate and graduate students. The book begins with a discussion of second-price auctions, which can be studied without using calculus, and works through progressively more complicated auction scenarios: first-price auctions, all-pay auctions, third-price auctions, the Revenue Equivalence principle, common-value auctions, multi-unit auctions, and procurement auctions. Exercises in each chapter are ranked according to their difficulty, with a letter (A-C) next to the exercise title, which allows students to pace their studies accordingly. The authors also offer a list of suggested exercises for each chapter, for instructors teaching at varying levels: undergraduate, Masters, Ph.D. Providing a practical, customizable approach to auction theory, this textbook is appropriate for students of economics, finance, and business administration. This book may also be used for related classes such as game theory, market design, economics of information, contract theory, or topics in microeconomics.

An Introduction to Auction Theory

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Publisher : Oxford University Press, USA
ISBN 13 : 0199275998
Total Pages : 200 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis An Introduction to Auction Theory by : Flavio M. Menezes

Download or read book An Introduction to Auction Theory written by Flavio M. Menezes and published by Oxford University Press, USA. This book was released on 2005 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Empirical Tests of Information Aggregation

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Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (255 download)

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Book Synopsis Empirical Tests of Information Aggregation by : Pai-Ling Yin

Download or read book Empirical Tests of Information Aggregation written by Pai-Ling Yin and published by . This book was released on 2006 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes tests to empirically examine whether auction prices aggregate information away from the limit. These tests are based on 1) a combination of comparative statics with respect to the number of bidders and the dispersion of information signals and 2) comparison of actual prices to predicted Nash equilibrium prices based on observed auction parameters. When applied to eBay online auctions for computers, these tests suggest that prices partially aggregate information, but do not converge to the common value. Even partial information aggregation may represent a potential efficiency gain over one-to-one trade of used goods with uncertain common values.

Combinatorial Auctions

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Publisher : MIT Press (MA)
ISBN 13 :
Total Pages : 678 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Combinatorial Auctions by : Peter C. Cramton

Download or read book Combinatorial Auctions written by Peter C. Cramton and published by MIT Press (MA). This book was released on 2006 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: A synthesis of theoretical and practical research on combinatorial auctions from the perspectives of economics, operations research, and computer science.

An Empirical Analysis of Price Formation in Double Auction Markets

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Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (321 download)

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Book Synopsis An Empirical Analysis of Price Formation in Double Auction Markets by : Timothy N. Cason

Download or read book An Empirical Analysis of Price Formation in Double Auction Markets written by Timothy N. Cason and published by . This book was released on 1990 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bidding Strategies, Financing and Control

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Publisher : Academic Press
ISBN 13 : 0123846900
Total Pages : 1088 pages
Book Rating : 4.1/5 (238 download)

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Book Synopsis Bidding Strategies, Financing and Control by : B. Espen Eckbo

Download or read book Bidding Strategies, Financing and Control written by B. Espen Eckbo and published by Academic Press. This book was released on 2010-03-12 with total page 1088 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner’s curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students

Crafting a Successful Incentive Auction

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Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Crafting a Successful Incentive Auction by : United States. Congress. Senate. Committee on Commerce, Science, and Transportation

Download or read book Crafting a Successful Incentive Auction written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 2014 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: