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Author : Mario Alejandro Capizzani
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.:/5 (35 download)
Download or read book Do Auctioneers Matter in Determining Auction Outcomes? written by Mario Alejandro Capizzani and published by . This book was released on 2009 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nicola Lacetera
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (865 download)
Download or read book Bid Takers Or Market Makers? written by Nicola Lacetera and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A large body of research has explored the importance of auction design and information structure for auction outcomes. Much less work has considered the importance of the auction process. For example, in many auctions, auctioneers are present and can impact the process of the auction by varying starting prices, level of price adjustments, the speed of the auction, the way they interact with auction participants, or their characteristic chant that is intended to excite buyers. We explore the importance of auction process by testing whether auctioneers can have a systematic difference on auction outcomes. We analyze more than 850,000 wholesale used car auctions and find large and significant differences in outcomes (probability of sale, price, and auction speed) across auctioneers. The performance heterogeneities are stable across time and correlate with subjective evaluations of auctioneers provided by the auction house. Although the available data here do not allow us to conclusively isolate mechanisms, a range of evidence suggests a role for tactics that generate excitement among bidders. Overall, these findings illustrate the complexities of auction environments and how outcomes can be impacted by subtle changes in process.
Author : David J. Salant
Publisher : MIT Press
ISBN 13 : 0262028263
Total Pages : 199 pages
Book Rating : 4.2/5 (62 download)
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.
Author : Paul Milgrom
Publisher : Cambridge University Press
ISBN 13 : 1139449168
Total Pages : 378 pages
Book Rating : 4.1/5 (394 download)
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.
Author : Ralph Cassady
Publisher : Univ of California Press
ISBN 13 :
Total Pages : 356 pages
Book Rating : 4./5 ( download)
Download or read book Auctions and Auctioneering written by Ralph Cassady and published by Univ of California Press. This book was released on with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaoshu Xu
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (747 download)
Download or read book Three Essays on Auction Theory written by Xiaoshu Xu and published by . This book was released on 2011 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My dissertation consists of three chapters in theoretical auction analysis. The first chapter considers optimal sequential auctions with new bidders arriving in each period. The second chapter examines how resale affects bidding strategies and auction outcomes in an auction environment with costly entry. The third chapter investigates how resale affects bidding strategies and auction outcomes in a sequential auction setting where the values of items auctioned in different periods exhibit synergies. The first chapter gives a full characterization of the optimal sequential second-price (or ascending English) auctions with sequentially arriving bidders. There are n bidders in the first period and m new bidders arrive in the second period. Based on the auctioneer's commitment power, we study two cases: full commitment and noncommitment. In both cases, we establish the existence of a symmetric equilibrium characterized by a threshold strategy - -a bidder does not bid in the first auction when her valuation is below this threshold and bids according to an increasing function otherwise. In the noncommitment case, the auctioneer chooses an optimal reserve price to maximize the expected revenue from the second period; thus her decision of whether to include previous bidders as potential buyers is endogenously determined by the reserve price in the first auction. This might create multiple equilibria depending on the beliefs of the auctioneer and the bidders. We apply a fairly intuitive rule to establish the uniqueness. We also extend our analysis to allow for opportunities for resale, where the winner in the first auction can opt to resell the item to new bidders. The second chapter, joint with Dan Levin and Lixin Ye, studies how resale affects auctions with costly entry in a model where an arbitrary number of bidders possess two-dimensional private information signals: entry costs and valuations. We establish the existence of symmetric entry equilibrium and identify sufficient conditions under which the equilibrium is unique. Our analysis suggests that the opportunity of resale induces motivation for both speculative entry and bargain hunting abstentions. By following the uniform distribution for numerical analysis, our results suggest that while the entry probability and efficiency are always higher when resale is allowed, the auctioneer's expected revenue is lower when resale is allowed for almost all parameter values. We also compare this model to one where bidders may follow "strong" or "weak" distributions in terms of valuations. The third chapter, joint with Dan Levin and Lixin Ye, studies a sequential second-price auction of two objects with two bidders, where the winner of the package obtains a synergy from the second object. If reselling after the two auctions occurs, it proceeds as either monopoly or monopsony take-it-or-leave-it offer. I find that a post-auction resale has a significant impact on bidding strategies in the auctions. When seller makes a take-it-or-leave-it offer in resale, there is no equilibrium where at least one bidder reveals her type with positive probability. When buyer makes the offer instead, there exist symmetric increasing equilibrium strategies for both items. While allowing resale always improves efficiency, I demonstrate that the effect of resale is ambiguous on expected revenue as Ill as the probability of exposure. I also extend this model to allow for three bidders and provide the equilibrium analysis.
Author : Leslie Hindman
Publisher : Three Rivers Press
ISBN 13 : 9780609808191
Total Pages : 268 pages
Book Rating : 4.8/5 (81 download)
Download or read book Adventures at the Auction written by Leslie Hindman and published by Three Rivers Press. This book was released on 2002-01-22 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether you're wondering how much your grandmother's silver tea set is worth, have always wanted to go to an auction but don't know the rules, or are itching to sit down and explore eBay, Adventures at the Auction is the ideal sourcebook. Combining her expertise in live auctions, appraisals, and the fast-growing field of Internet auctions, Leslie Hindman provides all the essential information you'll need to get started and arms you with hundreds of tips on auction strategy. Illustrated with an 8-page color insert and peppered with lively anecdotes from Hindman's 25 years as an auctioneer, this book will turn even a novice into a savvy auction-goer.
Author : Paul Klemperer
Publisher : Princeton University Press
ISBN 13 : 0691186294
Total Pages : 263 pages
Book Rating : 4.6/5 (911 download)
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.
Author : Joseph BATEMAN
Publisher :
ISBN 13 :
Total Pages : 530 pages
Book Rating : 4.0/5 (17 download)
Download or read book A Practical Treatise on the Law of Auctions; with forms, tables, statutes, & cases, and directions to auctioneers ... Third edition, adapted to the recent alterations in the law written by Joseph BATEMAN and published by . This book was released on 1863 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : The National Auctioneers Assoc
Publisher : Penguin
ISBN 13 : 1440636338
Total Pages : 340 pages
Book Rating : 4.4/5 (46 download)
Download or read book The Complete Idiot's Guide to Live Auctions written by The National Auctioneers Assoc and published by Penguin. This book was released on 2008-04-01 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do I hear $16.95? A $227.5 billion enterprise around the world, live auctions feature everything from cars to homes, fine art to coal. The only book of its kind, this guide will show how lucrative, fast-paced, and exciting this business is. It covers rules, lingo, setting up an auction, hiring professional auctioneers, and how the most popular auctions work. • 24% of U.S. consumers, or around 50 million people, spend an average of four hours at live auctions each year • Expert author: the National Association for Auctioneers • Detailed run-down of every aspect of live auctions • Resource section with auction house listings
Author : Vijay Krishna
Publisher : Academic Press
ISBN 13 : 012426297X
Total Pages : 319 pages
Book Rating : 4.1/5 (242 download)
Download or read book Auction Theory written by Vijay Krishna and published by Academic Press. This book was released on 2002-03-13 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Vijay Krishna's book provides a very thorough and patient presentation of auction theory, starting from the most basic analysis and graduating to sophisticated, state of the art theory, including multi-unit auctions. This book covers a very wide range of auction topics, providing a clear and accessible treatment. The theory is presented in a careful and easily understood style accessible to honors undergraduates as well as all economics graduate students. Krishna's book will certainly become the central book on auction theory." --R. Preston McAfee, Murray S. Johnson Chair in Economics, University of Texas "This book not only sets out much of the theoretical literature on auctions-including results that are very recent-but does so with a clarity, elegance, and rigor that is characteristic of Vijay Krishna's work." --Eric Maskin, A.O. Hirschman Professor of Social Science, Institute for Advanced Study, Princeton, New Jersey "The book gives a superb presentation of auction theory, with clear and concise proofs of all results. It is essential reading for any serious student of auctions." --Peter Cramton, Professor of Economics, University of Maryland "This is the book we have been waiting for: a high level treatment of auction theory that carefully presents the technical details necessary for an in depth understanding of the main themes of auction theory, ideal as a basis for a graduate course, and by an author who has himself made important contributions to the subject." --Paul Klemperer, Edgeworth Professor of Economics, Nuffield College, University of Oxford, United Kingdom Through accessible, detailed examinations of themes central to auction theory, Vijay Krishna explores auctions and competitive bidding as games of incomplete information. His results on bidding strategies, efficiency, and revenue maximization and his clear proofs for each proposition make this book both the standard reference on auctions and the first source of authoritative information about multiunit auctions. Well organized and featuring straightforward intuition, Auction Theory's depth and breadth lay bare the complexity and utility of this growing field.
Author : Joseph BATEMAN
Publisher :
ISBN 13 :
Total Pages : 400 pages
Book Rating : 4.0/5 (2 download)
Download or read book A Practical Treatise on the Law of Auctions; with forms, tables, statutes, & cases, and directions to auctioneers ... Third edition, adapted to the recent alterations in the law written by Joseph BATEMAN and published by . This book was released on 1846 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martin Wilson
Publisher : Edward Elgar Publishing
ISBN 13 : 1800885784
Total Pages : 485 pages
Book Rating : 4.8/5 (8 download)
Download or read book Art Law and the Business of Art written by Martin Wilson and published by Edward Elgar Publishing. This book was released on 2022-12-13 with total page 485 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this fully revised and updated second edition of Art Law and the Business of Art, Martin Wilson, an art lawyer with more than 20 years’ experience in the field, provides a comprehensive and practical guide to the application of UK law to transactions and disputes in the art world. New to this Edition: • Thoroughly revised guidance on new anti-money laundering requirements • Updated discussion in the context of Brexit and the impact of the Covid-19 pandemic • New coverage of the emerging issues such as the treatment of NFTs and the increased use of internet auctions
Author : Christian Heath
Publisher : Cambridge University Press
ISBN 13 : 0521767407
Total Pages : 265 pages
Book Rating : 4.5/5 (217 download)
Download or read book The Dynamics of Auction written by Christian Heath and published by Cambridge University Press. This book was released on 2013 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses how social interaction forms the foundation to sale of art and antiques worth many billions of pounds each year.
Author : William C. Ketchum
Publisher : Sterling Publishing (NY)
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.3/5 (9 download)
Download or read book Auction! written by William C. Ketchum and published by Sterling Publishing (NY). This book was released on 1980 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 1400830133
Total Pages : 424 pages
Book Rating : 4.4/5 (8 download)
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.
Author : David J. Salant
Publisher : MIT Press
ISBN 13 : 0262321831
Total Pages : 199 pages
Book Rating : 4.2/5 (623 download)
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 2014-12-26 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.
