Putting Auction Theory To Work

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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.

Putting Auction Theory to Work

Author : Paul Robert Milgrom
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

Discovering Prices

Author : Paul Milgrom
Publisher : Columbia University Press
ISBN 13 : 023154457X
Total Pages : 222 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Discovering Prices by : Paul Milgrom

Download or read book Discovering Prices written by Paul Milgrom and published by Columbia University Press. This book was released on 2017-05-23 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.

Handbook of Spectrum Auction Design

Author : Martin Bichler
Publisher : Cambridge University Press
ISBN 13 : 1107135346
Total Pages : 935 pages
Book Rating : 4.1/5 (71 download)

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Book Synopsis Handbook of Spectrum Auction Design by : Martin Bichler

Download or read book Handbook of Spectrum Auction Design written by Martin Bichler and published by Cambridge University Press. This book was released on 2017-10-26 with total page 935 pages. Available in PDF, EPUB and Kindle. Book excerpt: An international team of experts covers the pros and cons of different auction formats and lessons learned in the field.

Auctions

Author : Paul Klemperer
Publisher : Princeton University Press
ISBN 13 : 0691119252
Total Pages : 262 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 2004-03-28 with total page 262 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.

Inside and Outside Liquidity

Author : Bengt Holmstrom
Publisher : MIT Press
ISBN 13 : 0262518538
Total Pages : 263 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Inside and Outside Liquidity by : Bengt Holmstrom

Download or read book Inside and Outside Liquidity written by Bengt Holmstrom and published by MIT Press. This book was released on 2013-01-11 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.

Auctioning Public Assets

Author : Maarten Janssen
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Auctioning Public Assets by : Maarten Janssen

Download or read book Auctioning Public Assets written by Maarten Janssen and published by . This book was released on 2004 with total page 344 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.

Combinatorial Auctions

Author : Peter C. Cramton
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.

Mechanism Design

Author : Rakesh V. Vohra
Publisher : Cambridge University Press
ISBN 13 : 1139499173
Total Pages : 185 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Mechanism Design by : Rakesh V. Vohra

Download or read book Mechanism Design written by Rakesh V. Vohra and published by Cambridge University Press. This book was released on 2011-05-09 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design.

The Theory of General Economic Equilibrium

Author : Andreu Mas-Colell
Publisher : Cambridge University Press
ISBN 13 : 9780521388702
Total Pages : 396 pages
Book Rating : 4.3/5 (887 download)

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Book Synopsis The Theory of General Economic Equilibrium by : Andreu Mas-Colell

Download or read book The Theory of General Economic Equilibrium written by Andreu Mas-Colell and published by Cambridge University Press. This book was released on 1985 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together the author's pioneering work, written over the last twenty years, on the use of differential methods in general equilibrium theory.

Electricity Auctions

Author : Luiz Maurer
Publisher : World Bank Publications
ISBN 13 : 082138824X
Total Pages : 181 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Electricity Auctions by : Luiz Maurer

Download or read book Electricity Auctions written by Luiz Maurer and published by World Bank Publications. This book was released on 2011-07-25 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity-contract auctions have been getting increased attention as they have emerged as a successful mechanism to procure new generation capacity and. This book presents a comprehensive overview of international experiences in auction design and implementation.

Essential Microeconomics

Author : John G. Riley
Publisher : Cambridge University Press
ISBN 13 : 0521827477
Total Pages : 717 pages
Book Rating : 4.5/5 (218 download)

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Book Synopsis Essential Microeconomics by : John G. Riley

Download or read book Essential Microeconomics written by John G. Riley and published by Cambridge University Press. This book was released on 2012-09-10 with total page 717 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics. Unlike other texts, this book focuses on the most important ideas and does not attempt to be encyclopedic. Two-thirds of the textbook focuses on price theory. As well as taking a new look at standard equilibrium theory, there is extensive examination of equilibrium under uncertainty, the capital asset pricing model, and arbitrage pricing theory. Choice over time is given extensive coverage and includes a basic introduction to control theory. The final third of the book, on game theory, provides a comprehensive introduction to models with asymmetric information. Topics such as auctions, signaling, and mechanism design are made accessible to students who have a basic rather than a deep understanding of mathematics. There is ample use of examples and diagrams to illustrate issues as well as formal derivations. Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics.

THE HIGH AUCTION

Author : Misba
Publisher : Nomad's Forge
ISBN 13 : 9843506588
Total Pages : 239 pages
Book Rating : 4.8/5 (435 download)

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Book Synopsis THE HIGH AUCTION by : Misba

Download or read book THE HIGH AUCTION written by Misba and published by Nomad's Forge. This book was released on 2021-09-26 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the near future, a machinist, a monk, and a mesmerizer are looking for the Source of the universe, but among the ancient scriptures, they only find the devil ... Few humans in the future find the secrets of what words and sounds can do, for the Apocalypse and war have led them to evolve in mind and physique. Two of them end World War III with just a four-minute speech. Some say they did mass hypnosis. Others say it was their voice and will. Fifty years later in South Asia, KUSHA, a twenty-three-year-old machine-geek with social awkwardness and amnesia, tries to get the Devil’s Book with secrets of voice. But her idol of voice and everyone's beloved war heroes, YUAN and RUEM, are also after it for power. In a society that worships the evolved High Grades with voice, how you speak and which words you talk with is important. As someone who finds all solutions in books, Kusha thinks the secrets in the three-foot-long ancient book will teach her to speak mesmerizingly. She believes it will help her evolve. So, she decides to attend the auction where the book will be sold. But there's a problem; powerful High Grades want the book too. They want to code fate, rewriting the material world. They are undead, immortal mesmerizers. And being a philosopher, Kusha admires their ethics while she must fight them—the fight that starts with the book. The fight creates a chain reaction leading her to an epic journey. About the Series: THE HIGH AUCTION: WISDOM REVOLUTION is a book of genre-bending Adult Sci-fi-Fantasy series "The Machinist, The Monk, And The Mesmerizer Chronicles." Here, you'll find Metaphysical magic built around philosophy and spirituality. You'll find ancient mysteries, archaeological adventures, and, most importantly, you will meet some characters. Its inspiration was from myths/truth (read the word you prefer) of all religions where humans evolved to Sufis, Rishis, Sannashis, Monks, and sometimes, Gods. Example: Shiva Purana in Hindu epics where Sati evolved to Goddess Parvati and splits into Kali to destroy the evil is a prominent example. You'll find diverse cultures, sexuality, and faith in this series. Enjoy. What the Critiques and Reviewers are saying about it: "GEM PROSE ... YOU WILL FINISH THIS BOOK ONCE YOU START ..." "EXCEPTIONALLY THOUGHT-PROVOKING ..." "RELATABLE ... YOU KEEP NODDING AT EVERYTHING ..."

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.

What Money Can't Buy

Author : Michael J. Sandel
Publisher : Farrar, Straus and Giroux
ISBN 13 : 1429942584
Total Pages : 246 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis What Money Can't Buy by : Michael J. Sandel

Download or read book What Money Can't Buy written by Michael J. Sandel and published by Farrar, Straus and Giroux. This book was released on 2012-04-24 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: In What Money Can't Buy, renowned political philosopher Michael J. Sandel rethinks the role that markets and money should play in our society. Should we pay children to read books or to get good grades? Should we put a price on human life to decide how much pollution to allow? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars, outsourcing inmates to for-profit prisons, auctioning admission to elite universities, or selling citizenship to immigrants willing to pay? In his New York Times bestseller What Money Can't Buy, Michael J. Sandel takes up one of the biggest ethical questions of our time: Isn't there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? Over recent decades, market values have crowded out nonmarket norms in almost every aspect of life. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. In Justice, an international bestseller, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes a debate that's been missing in our market-driven age: What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets do not honor and money cannot buy?

Robust Mechanism Design

Author : Dirk Bergemann
Publisher : World Scientific
ISBN 13 : 981437458X
Total Pages : 471 pages
Book Rating : 4.8/5 (143 download)

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Book Synopsis Robust Mechanism Design by : Dirk Bergemann

Download or read book Robust Mechanism Design written by Dirk Bergemann and published by World Scientific. This book was released on 2012 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword by Eric Maskin (Nobel Laureate in Economics, 2007)This volume brings together the collected contributions on the theme of robust mechanism design and robust implementation that Dirk Bergemann and Stephen Morris have been working on for the past decade. The collection is preceded by a comprehensive introductory essay, specifically written for this volume with the aim of providing the readers with an overview of the research agenda pursued in the collected papers.The introduction selectively presents the main results of the papers, and attempts to illustrate many of them in terms of a common and canonical example, namely a single unit auction with interdependent values. It is our hope that the use of this example facilitates the presentation of the results and that it brings the main insights within the context of an important economic mechanism, namely the generalized second price auction.

Twenty Lectures on Algorithmic Game Theory

Author : Tim Roughgarden
Publisher : Cambridge University Press
ISBN 13 : 1316781178
Total Pages : 356 pages
Book Rating : 4.3/5 (167 download)

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Book Synopsis Twenty Lectures on Algorithmic Game Theory by : Tim Roughgarden

Download or read book Twenty Lectures on Algorithmic Game Theory written by Tim Roughgarden and published by Cambridge University Press. This book was released on 2016-08-30 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computer science and economics have engaged in a lively interaction over the past fifteen years, resulting in the new field of algorithmic game theory. Many problems that are central to modern computer science, ranging from resource allocation in large networks to online advertising, involve interactions between multiple self-interested parties. Economics and game theory offer a host of useful models and definitions to reason about such problems. The flow of ideas also travels in the other direction, and concepts from computer science are increasingly important in economics. This book grew out of the author's Stanford University course on algorithmic game theory, and aims to give students and other newcomers a quick and accessible introduction to many of the most important concepts in the field. The book also includes case studies on online advertising, wireless spectrum auctions, kidney exchange, and network management.