Equilibria And Efficiency Of Sequential Multiunit Auctions

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Equilibria and Efficiency of Sequential Multiunit Auctions

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Author : Mete Ahunbay
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

Book Synopsis Equilibria and Efficiency of Sequential Multiunit Auctions by : Mete Ahunbay

Download or read book Equilibria and Efficiency of Sequential Multiunit Auctions written by Mete Ahunbay and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "We study the equilibrium and efficiency of sequential multiunit auctions with complete information, both under no constraints on buyers' bidding strategies and when buyers are constrained to not bid above their valuation for an additional item in each individual auction. When buyers may not overbid we give a complete characterisation of the equilibrium of the auction when only two buyers are present and show that efficiency of an outcome allocation is at least (1-1/e) with respect to welfare. When buyers may overbid and two buyers are present we restore the (1-1/e) efficiency result of (Bae et al. 2008, 2009). We also inspect the setting when arbitrarily many buyers are present, showing conditional constant-factor efficiency results"--

Multi-unit Auctions with Complementarities

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Author : Wedad Jasmine Elmaghraby
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (34 download)

Book Synopsis Multi-unit Auctions with Complementarities by : Wedad Jasmine Elmaghraby

Download or read book Multi-unit Auctions with Complementarities written by Wedad Jasmine Elmaghraby and published by . This book was released on 1998 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Auction Theory

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Author : Vijay Krishna
Publisher : Elsevier
ISBN 13 : 0080475965
Total Pages : 318 pages
Book Rating : 4.0/5 (84 download)

Book Synopsis Auction Theory by : Vijay Krishna

Download or read book Auction Theory written by Vijay Krishna and published by Elsevier. This book was released on 2002-04-25 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auction Theory is the standard reference on auctions and the first source of authoritative information about multi-unit auctions. The book develops the main concepts of auction theory from scratch in a self-contained and theoretically rigorous manner. It explores auctions and competitive bidding as games of incomplete information through detailed examinations of themes central to auction theory. This book complements its superb presentation of auction theory with clear and concise proofs of all results on bidding strategies, efficiency, and revenue maximization. It provides discussions on auction-related subjects, including private value auctions; the Revenue Equivalence Principle; auctions with interdependent values; the Revenue Ranking (Linkage) Principle; mechanism design with interdependent values; bidding rings; multiple object auctions; equilibrium and efficiency with private values; and nonidentical objects. This book is essential reading for graduate students taking courses on auction theory, the economics of information, or the economics of incentives, as well as for any serious student of auctions. It will also appeal to professional economists or business analysts working in contract theory, experimental economics, industrial organization, and microeconomic theory. *The standard reference on auctions and the first source of authoritative information about multi-unit auctions*Explores auctions and competitive bidding as games of incomplete information*Uses accessible, detailed examinations of themes central to auction theory

Multi-unit, Multi-period Auctions, Supply Uncertainity, and the Efficiency of Symmetric Equilibria

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Author : Jeroen M. Swinkels
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (263 download)

Book Synopsis Multi-unit, Multi-period Auctions, Supply Uncertainity, and the Efficiency of Symmetric Equilibria by : Jeroen M. Swinkels

Download or read book Multi-unit, Multi-period Auctions, Supply Uncertainity, and the Efficiency of Symmetric Equilibria written by Jeroen M. Swinkels and published by . This book was released on 1990 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Putting Auction Theory to Work

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

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

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

Multi-unit, Multi-period Auctions, Supply Uncertainty and the Efficiency of Symmetric Equilibria

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Author : Jeroen M. Swinkels
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (445 download)

Book Synopsis Multi-unit, Multi-period Auctions, Supply Uncertainty and the Efficiency of Symmetric Equilibria by : Jeroen M. Swinkels

Download or read book Multi-unit, Multi-period Auctions, Supply Uncertainty and the Efficiency of Symmetric Equilibria written by Jeroen M. Swinkels and published by . This book was released on 1990 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Algorithmic Game Theory

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Author : Tobias Harks
Publisher : Springer Nature
ISBN 13 : 3030579808
Total Pages : 346 pages
Book Rating : 4.0/5 (35 download)

Book Synopsis Algorithmic Game Theory by : Tobias Harks

Download or read book Algorithmic Game Theory written by Tobias Harks and published by Springer Nature. This book was released on 2020-09-08 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 13th International Symposium on Algorithmic Game Theory, SAGT 2020, held in Augsburg, Germany, in September 2020.* The 21 full papers presented together with 3 abstract papers were carefully reviewed and selected from 53 submissions. The papers are organized in topical sections named: auctions and mechanism design, congestion games and flows over time, markets and matchings, scheduling and games on graphs, and social choice and cooperative games. * The conference was held virtually due to the COVID-19 pandemic.

Equilibria in multi-unit auctions

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Author : Michal Břeský
Publisher :
ISBN 13 : 9788086286198
Total Pages : 48 pages
Book Rating : 4.2/5 (861 download)

Book Synopsis Equilibria in multi-unit auctions by : Michal Břeský

Download or read book Equilibria in multi-unit auctions written by Michal Břeský and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Algorithmic Game Theory

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Author : Ioannis Caragiannis
Publisher : Springer Nature
ISBN 13 : 3030859479
Total Pages : 424 pages
Book Rating : 4.0/5 (38 download)

Book Synopsis Algorithmic Game Theory by : Ioannis Caragiannis

Download or read book Algorithmic Game Theory written by Ioannis Caragiannis and published by Springer Nature. This book was released on 2021-09-14 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 14th International Symposium on Algorithmic Game Theory, SAGT 2021, held in Aarhus, Denmark in September 2021. The 26 full papers presented together with 4 abstract papers were carefully reviewed and selected from 73 submissions. In addition, the volume contains abstracts from 3 invited talks and 2 tutorial talks. The papers are organized in topical sections named: auctions and mechanism design, computational aspects of games, markets and matchings, and social choice and cooperative games.

Flexible Decision-Making in Sequential Auctions

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Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (656 download)

Book Synopsis Flexible Decision-Making in Sequential Auctions by :

Download or read book Flexible Decision-Making in Sequential Auctions written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Because sequential auctions have permeated society more than ever, it is desirable for participants to have the optimal strategies beforehand. However, finding closed-form solutions to various sequential auction games is challenging. Current literature provides some answers for specific cases but not for general cases. A decision support system that can automate optimal bids for players in different sequential auction games will be useful in solving these complex economic problems, which requires not only economic but also computational efficiency. This thesis contributes in several directions. First, this dissertation derives results related to the multiplicity of equilibria in first-price, sealed-bid (FPSB) auctions, and sequential FPSB auctions, with discrete bids under complete information. It also provides theoretical results for FPSB auctions with discrete bids under incomplete information. These results are applicable to both two-person and multi-person cases. Second, this thesis develops a technique to compute strategies in sequential auctions. It applies Monte Carlo simulation to approximate perfect Bayesian equilibrium for sequential auctions with discrete bids and incomplete information. It also utilizes the leveraged substructure of the game tree which can dramatically reduce the memory and computation time required to solve the game. This approach is applicable to sequences of a wide variety of auctions. Finally, this thesis analyzes the impact of information in sequential auctions with continuous bids and incomplete information when bids are revealed. It provides theoretical results especially the non-existence of pure-strategy symmetric equilibrium in both the symmetric sequential FPSB and the symmetric sequential Vickrey auctions.

Towards Auctioning

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Author : Stefan Weishaar
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041131981
Total Pages : 272 pages
Book Rating : 4.0/5 (411 download)

Book Synopsis Towards Auctioning by : Stefan Weishaar

Download or read book Towards Auctioning written by Stefan Weishaar and published by Kluwer Law International B.V.. This book was released on 2009-01-01 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emissions trading systems have come to the fore as the most economically efficient mechanisms that can be employed to bring about an optimal greenhouse gas reduction goal. Even though much has been written about the advantages and disadvantages of these systems, one element of crucial importance and emission allowance allocation and has not been considered in adequate depth until the present study. Such an analysis takes on increased importance as it seems likely that market-based auctioning will become the default allocation method throughout the EU under a proposed amendment to the Emissions Trading System (ETS) established by Directive 2003/87/EC. Taking a law and economics approach and that is, using a combined perspective of industrial economics and legal analysis and this important book examines the potential for anticompetitive distortion that may result from auctioning emission allowances. Among the issues investigated in depth are the following: whether the current setup of the EU ETS fosters allocative efficiency or whether this allocative efficiency is hindered by legal impediments or constraints; whether EU competition law can serve to remedy anticompetitive effects stemming from Member State actions taken pursuant to Directive 2003/87/EC; which allocation formats are most desirable from an allocative efficiency and environmental effectiveness point of view; the importance of initial allocation and adjustment of out-of-equilibrium situations under the amended ETS; whether auctioning allowances serves the attainment of market equilibrium even in the continuing presence of andpolluter havensand; the effect of the ECJands so-called andjoint application jurisprudenceand on the ETS; and the allocation of allowances from a state aid perspective. The book provides both a coherent typology of emission allowance allocation mechanisms and the main characteristics of the present emissions trading system, setting the gained insights into a broader perspective. It examines how various assignment mechanisms deal with issues such as price determination, allocative efficiency and environmental effectiveness. It considers how market-based allocation mechanisms compare with administrative allocation mechanisms, particularly those based on the widely applied grandfathering method. And perhaps most important and and of especial value to practitioners and policymakers and it identifies the auction design challenges that must be addressed by the Commission in its implementing regulation due by 30 June 2010.

The Double Auction Market

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Author : John Rust
Publisher : Westview Press
ISBN 13 :
Total Pages : 476 pages
Book Rating : 4.:/5 (321 download)

Book Synopsis The Double Auction Market by : John Rust

Download or read book The Double Auction Market written by John Rust and published by Westview Press. This book was released on 1993-03-20 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Proceedings of the Workshop on Double Auction Markets, held June, 1991 in Santa Fe, New Mexico." Includes bibliographical references and index.

Monotone Equilibrium in Multi-unit Auctions

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Author : David McAdams
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (531 download)

Book Synopsis Monotone Equilibrium in Multi-unit Auctions by : David McAdams

Download or read book Monotone Equilibrium in Multi-unit Auctions written by David McAdams and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a large class of multi-unit auctions of identical objects that includes the uniform-price, as-bid (or discriminatory), and Vickrey auctions, a Bayesian Nash equilibrium exists in monotone pure strategies whenever there is a finite price / quantity grid and each bidder's interim expected payoff function satisfies single-crossing in own bid and type. A stronger condition, non-decreasing differences in own bid and type, is satisfied in this class of auctions given (a) independent types and (b) risk-neutral bidders with marginal values that are (c) nondecreasing in own type and have (d) non-increasing differences in own type and others' quantities. A key observation behind this analysis is that each bidder's valuation for what he wins is always modular in own bid in any multi-unit auction in which the allocation is determined by market-clearing. This paper also provides the first proof of pure strategy equilibrium existence in the uniform-price auction when bidders have multi-unit demand and values that are not private. Keywords: Autions, Multi-unit Auctions, Uniform-price Auction, Vickrey Auctions Bidders, Bayesian Nash Equilibrium.

Fraction Auctions

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Author : Elena Grigorieva
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

Book Synopsis Fraction Auctions by : Elena Grigorieva

Download or read book Fraction Auctions written by Elena Grigorieva and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the sales of a single indivisible object where bidders have continuous valuations. In Grigorieva et al. [13] it was shown that, in this setting, query auctions necessarily allocate ineffciently in equilibrium. In this paper we propose a new sequential auction, called the c-fraction auction. We show c-fraction auctions guarantee approximate efficiency at any desired level of accuracy, independent of the number of bidders. We discuss the running time and the efficiency in the ex-post equilibrium of the auction. We show that by changing the parameter c of the auction we can trade off efficiency against running time.

A Primer on Auction Design, Management, and Strategy

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

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.

Pure Equilibrium Strategies in Multi-unit Auctions with Private Value Bidders

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Author : Michal Břeský
Publisher :
ISBN 13 : 9788073441661
Total Pages : 44 pages
Book Rating : 4.4/5 (416 download)

Book Synopsis Pure Equilibrium Strategies in Multi-unit Auctions with Private Value Bidders by : Michal Břeský

Download or read book Pure Equilibrium Strategies in Multi-unit Auctions with Private Value Bidders written by Michal Břeský and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: