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Author : Michal Břeský
Publisher :
ISBN 13 : 9788073431549
Total Pages : 34 pages
Book Rating : 4.4/5 (315 download)
Download or read book Properties of Equilibrium Strategies in Multiple-unit, Uniform-price Auctions written by Michal Břeský and published by . This book was released on 2007 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David McAdams
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (531 download)
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.
Author : Michal Břeský
Publisher :
ISBN 13 : 9788073431778
Total Pages : 44 pages
Book Rating : 4.4/5 (317 download)
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:
Author : Yvan Lengwiler
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.E/5 ( download)
Download or read book The Multiple Unit Auction with Variable Supply written by Yvan Lengwiler and published by . This book was released on 1998 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Justin Burkett
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (13 download)
Download or read book Equilibrium in a Uniform-Price Auction with Private Values written by Justin Burkett and published by . This book was released on 2016 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a model incorporating bidders with private information bidding for multiple units of a homogeneous good, I show that the equilibrium bid functions can be completely characterized, sometimes in closed form. The equilibrium bid functions can be considered aggregated bid functions from first-price single unit bidders. This property allows one to extend results from the single-unit auction literature to this multi-unit setting.
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 : 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 : Charles R. Plott
Publisher : Elsevier
ISBN 13 : 0080887961
Total Pages : 1175 pages
Book Rating : 4.0/5 (88 download)
Download or read book Handbook of Experimental Economics Results written by Charles R. Plott and published by Elsevier. This book was released on 2008-08-21 with total page 1175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental methods in economics respond to circumstances that are not completely dictated by accepted theory or outstanding problems. While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appear blurred and may produce results that vary from strong support to little or partial support of the relevant theory. At a recent conference, a question was asked about where experimental methods might be more useful than field methods. Although many cannot be answered by experimental methods, there are questions that can only be answered by experiments. Much of the progress of experimental methods involves the posing of old or new questions in a way that experimental methods can be applied. The title of the book reflects the spirit of adventure that experimentalists share and focuses on experiments in general rather than forcing an organization into traditional categories that do not fit. The emphasis reflects the fact that the results do not necessarily demonstrate a consistent theme, but instead reflect bits and pieces of progress as opportunities to pose questions become recognized. This book is a result of an invitation sent from the editors to a broad range of experimenters asking them to write brief notes describing specific experimental results. The challenge was to produce pictures and tables that were self-contained so the reader could understand quickly the essential nature of the experiments and the results.
Author : Richard Engelbrecht-Wiggans
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book An Example of Multi-Unit Auctions with Atypically Many Equilibria written by Richard Engelbrecht-Wiggans and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The appealing simple example of multi-unit uniform-price auctions with constant, uniformly distributed marginal values has atypically many equilibria.
Author : Richard Engelbrecht-Wiggans
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Multi-Unit Auctions with Uniform Prices written by Richard Engelbrecht-Wiggans and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auctions in which individuals can purchase more than one unit of the good being sold differ in striking ways from multi-unit auctions in which individuals may purchase only one unit. The uniform price auction in particular frequently yields Nash equilibria in which bidders underbid for their second unit and therefore pay very low prices for the good. This paper characterizes equilibria for the uniform price auction.
Author : R. Mark Isaac
Publisher :
ISBN 13 : 9781559386074
Total Pages : 310 pages
Book Rating : 4.3/5 (86 download)
Download or read book Research in Experimental Economics written by R. Mark Isaac and published by . This book was released on 1996 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maria Serna
Publisher : Springer
ISBN 13 : 3642339964
Total Pages : 271 pages
Book Rating : 4.6/5 (423 download)
Download or read book Algorithmic Game Theory written by Maria Serna and published by Springer. This book was released on 2012-10-06 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 5th International Symposium on Algorithmic Game Theory, SAGT 2012, held in Barcelona, Spain, in October 2012. The 22 revised full papers presented together with 2 invited lectures were carefully reviewed and selected from 65 submissions. The papers present original research at the intersection of Algorithms and Game Theory and address various current topics such as solution concepts in game theory; efficiency of equilibria and price of anarchy; complexity classes in game theory; computational aspects of equilibria; computational aspects of fixed-point theorems; repeated games; evolution and learning in games; convergence of dynamics; coalitions, coordination and collective action; reputation, recommendation and trust systems; graph-theoretic aspects of social networks; network games; cost-sharing algorithms and analysis; computing with incentives; algorithmic mechanism design; computational social choice; decision theory, and pricing; auction algorithms and analysis; economic aspects of distributed computing; internet economics and computational advertising.
Author : David McAdams
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book On the Failure of Monotonicity in Uniform-Price Auctions written by David McAdams and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Except for well-studied special cases in which bidders have single-unit demand or bidders are risk-neutral with independent private values, equilibria of uniform-price auctions with private values need not possess familiar monotonicity properties. In particular, equilibria in weakly undominated strategies may exist in which some bidders bid strictly less on some units when they have strictly higher values for every unit.
Author : Flavio M. Menezes
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Ascending-price Multiple-object Auctions written by Flavio M. Menezes and published by . This book was released on 1993 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Joseph Wood
Publisher :
ISBN 13 :
Total Pages : 662 pages
Book Rating : 4.:/5 (7 download)
Download or read book A Study of Multiplicative-strategy Equilibria in Second-price Multi-component Auctions written by David Joseph Wood and published by . This book was released on 1988 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Vijay Krishna
Publisher : Academic Press
ISBN 13 : 0080922937
Total Pages : 337 pages
Book Rating : 4.0/5 (89 download)
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
