Common Value Auctions And The Winners Curse

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Common Value Auctions and the Winner's Curse

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 1400830133
Total Pages : 424 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Common Value Auctions and the Winner's Curse by : John H. Kagel

Download or read book Common Value Auctions and the Winner's Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2009-04-11 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.

Common Value Auctions and the Winner's Curse

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 9780691016672
Total Pages : 18 pages
Book Rating : 4.0/5 (166 download)

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Book Synopsis Common Value Auctions and the Winner's Curse by : John H. Kagel

Download or read book Common Value Auctions and the Winner's Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2002-08-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Melding theory with the econometric analysis of filed data, the authors of this text assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. They then gauge the sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisions of sophisticated bidders with students, the usual guinea pigs used in laboratory experiments.

Common Value Auctions and the Winner's Curse

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 0691218951
Total Pages : 419 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Common Value Auctions and the Winner's Curse by : John H. Kagel

Download or read book Common Value Auctions and the Winner's Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2021-04-13 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable account of how auctions work—and how to make them work Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.

The Winner's Curse

Author : Richard H. Thaler
Publisher : Simon and Schuster
ISBN 13 : 1451697872
Total Pages : 291 pages
Book Rating : 4.4/5 (516 download)

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Book Synopsis The Winner's Curse by : Richard H. Thaler

Download or read book The Winner's Curse written by Richard H. Thaler and published by Simon and Schuster. This book was released on 2012-06-26 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers—they pay too much and suffer the "winner's curse"—why gamblers bet on long shots at the end of a losing day, why shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400. He also demonstrates that markets do not always operate with the traplike efficiency we impute to them.

Putting Auction Theory to Work

Author : Paul Milgrom
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

Author : Pak-Sing Choi
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.

Beware the Winner's Curse

Author : G. Anandalingam
Publisher : Oxford University Press on Demand
ISBN 13 : 0195177401
Total Pages : 257 pages
Book Rating : 4.1/5 (951 download)

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Book Synopsis Beware the Winner's Curse by : G. Anandalingam

Download or read book Beware the Winner's Curse written by G. Anandalingam and published by Oxford University Press on Demand. This book was released on 2004-11-04 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Beware the Winner's Curse' shows how hubris and badly aligned financial incentives lead managers to aggressively pursue victories, and end up worse off as a result. It explores recent disasters in business, sports, and entertainment, and offers concrete steps that managers can take to avoid encountering the curse.

The Winner's Curse

Author : Marie Rutkoski
Publisher : A&C Black
ISBN 13 : 1408858215
Total Pages : 368 pages
Book Rating : 4.4/5 (88 download)

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Book Synopsis The Winner's Curse by : Marie Rutkoski

Download or read book The Winner's Curse written by Marie Rutkoski and published by A&C Black. This book was released on 2014-04-10 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a general's daughter in a vast empire that revels in war and enslaves those it conquers, Kestrel has two choices: she can join the military or get married. Kestrel has other ideas. One day, she is startled to find a kindred spirit in Arin, a young slave up for auction. Following her instinct, Kestrel buys him - and for a sensational price that sets the society gossips talking. It's not long before she has to hide her growing love for Arin. But he, too, has a secret and Kestrel quickly learns that the price she paid for him is much higher than she ever could have imagined. The first novel in a stunning new trilogy, The Winner's Curse is a story of romance, rumours and rebellion, where dirty secrets and careless alliances can be deadly – and everything is at stake.

Economics of Art Auctions

Author : Gianfranco Mossetto
Publisher : FrancoAngeli
ISBN 13 : 9788846441645
Total Pages : 260 pages
Book Rating : 4.4/5 (416 download)

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Book Synopsis Economics of Art Auctions by : Gianfranco Mossetto

Download or read book Economics of Art Auctions written by Gianfranco Mossetto and published by FrancoAngeli. This book was released on 2002 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Auctions

Author : Paul Klemperer
Publisher : Princeton University Press
ISBN 13 : 0691186294
Total Pages : 246 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 246 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.

A Primer on Auction Design, Management, and Strategy

Author : David J. Salant
Publisher : MIT Press
ISBN 13 : 0262028263
Total Pages : 199 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis A Primer on Auction Design, Management, and Strategy by : David J. Salant

Download or read book A Primer on Auction Design, Management, and Strategy written by David J. Salant and published by MIT Press. This book was released on 2014-12-19 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to modeling and analyzing auctions, with the applications of game theory and auction theory to real-world auction decision making. Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions. 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.

Auctioning Public Assets

Author : Maarten Christiaan Wilhelmus Janssen
Publisher : Cambridge University Press
ISBN 13 : 9780521537575
Total Pages : 340 pages
Book Rating : 4.5/5 (375 download)

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Book Synopsis Auctioning Public Assets by : Maarten Christiaan Wilhelmus Janssen

Download or read book Auctioning Public Assets written by Maarten Christiaan Wilhelmus Janssen and published by Cambridge University Press. This book was released on 2004 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many countries all over the world, governments are privatising firms that were previously under public control. This is happening, for example, in public utility sectors such as gas, water and electricity, in transport sectors (such as rail and metro) and in radio and telephony. This book provides an overview of the economic issues that are involved in this transfer of ownership of public assets. Combining a theoretical framework with a set of case studies of recent sales of state-owned assets from Europe and the USA, it asks which sort of allocation mechanism can a government adopt? Which is most suited to a particular sale? And how will the choice of allocation mechanism affect future market outcomes? With contributions from international experts, this book offers an accessible introduction to auction theory and an invaluable, non-technical analysis of existing knowledge. It will be of interest to students, non-specialists and policy-makers alike.

Game Theory Bargaining and Auction Strategies

Author : Gregor Berz
Publisher : Springer
ISBN 13 : 1137475420
Total Pages : 193 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Game Theory Bargaining and Auction Strategies by : Gregor Berz

Download or read book Game Theory Bargaining and Auction Strategies written by Gregor Berz and published by Springer. This book was released on 2016-04-30 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text bridges the gulf between theoretical economic principles of negotiation and auction theory and their multifaceted applications in actual practice. It is intended to be a supplement to the already existing literature, as a comprehensive collection of reports detailing experiences and results of very different negotiations and auctions.

Networks, Crowds, and Markets

Author : David Easley
Publisher : Cambridge University Press
ISBN 13 : 1139490303
Total Pages : 745 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Networks, Crowds, and Markets by : David Easley

Download or read book Networks, Crowds, and Markets written by David Easley and published by Cambridge University Press. This book was released on 2010-07-19 with total page 745 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.

Trading at the Speed of Light

Author : Donald MacKenzie
Publisher : Princeton University Press
ISBN 13 : 0691217785
Total Pages : 304 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Trading at the Speed of Light by : Donald MacKenzie

Download or read book Trading at the Speed of Light written by Donald MacKenzie and published by Princeton University Press. This book was released on 2023-01-31 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial markets In today’s financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading—automated high-frequency trading or HFT—began and then spread throughout the world. HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal—light in a vacuum—can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges’ systems and to the location of the microwave towers that carry signals between computer datacenters. Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.

Auction Theory

Author : Vijay Krishna
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

Treasury Bill Auctions

Author : Mr.Carlo Cottarelli
Publisher : International Monetary Fund
ISBN 13 : 1451855648
Total Pages : 70 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Treasury Bill Auctions by : Mr.Carlo Cottarelli

Download or read book Treasury Bill Auctions written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1994-11-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the main issues that arise in the design of treasury bill auctions and survey the relevant empirical literature. We also provide a detailed description of the actual design of these auctions in a sample of 42 industrial and developing countries.