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Auction Theory - 1st Edition - ISBN: 9780124262973, 9780080475967

Auction Theory

1st Edition

Author: Vijay Krishna
eBook ISBN: 9780080475967
Hardcover ISBN: 9780124262973
Imprint: Academic Press
Published Date: 13th March 2002
Page Count: 320
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Description

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.

Key Features

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

Readership

Professional economists or business analysts working in contract theory, experimental economics, industrial organization, and microeconomic theory. Graduate students taking courses on auction theory, the economics of information, or the economics of incentives.

Table of Contents

Section I: Single Object Auctions
Private Value Auctions: A First Look
The Revenue Equivalence Principle
Qualifications and Extensions
Mechanism Design
Auctions with Interdependent Values
The Revenue Ranking ("Linkage") Principle
Asymmetries and Other Complications
Efficiency and the English Auction
Mechanism Design with Interdependent Values
Bidding Rings
Section II: Multiple Object Auctions
An Introduction to Multiple Object Auctions
Equilibrium and Efficiency with Private Values
Some Revenue Considerations
Sequential Sales
Nonidentical Objects
Multiple Objects and Interdependent Values
Section III: Appendices
A: Continuous Distributions
B: Stochastic Orders
C: Order Statistics
D: Affiliated Random Variables
E: Some Linear Algebra
F: Games of Incomplete Information
G: Existence of Equilibrium in First-Price Auctions
References
Index

Details

No. of pages:
320
Language:
English
Copyright:
© Academic Press 2002
Published:
13th March 2002
Imprint:
Academic Press
eBook ISBN:
9780080475967
Hardcover ISBN:
9780124262973

About the Author

Vijay Krishna

Affiliations and Expertise

Pennsylvania State University, University Park, U.S.A.

Reviews

@qu:"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."
@source:--R. Preston McAfee, Murray S. Johnson Chair in Economics, University of Texas
@qu:"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."
@source:--Eric Maskin, A.O. Hirschman Professor of Social Science, Institute for Advanced Study, Princeton, New Jersey, U.S.A.
@qu:"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."
@source:--Peter Cramton, Professor of Economics, University of Maryland
@qu:"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."
@source:--Paul Klemperer, Edgeworth Professor of Economics, Nuffield College, University of Oxford, U.K.



Ratings and Reviews