Paul Milgrom

Broschiertes Buch

Putting Auction Theory to Work

Beschreibung

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.

Produktdetails

• Churchill Lectures in Economics
• Verlag: Cambridge University Press
• Seitenzahl: 396
• Erscheinungstermin: 30. April 2010
• Englisch
• Abmessung: 229mm x 152mm x 24mm
• Gewicht: 598g
• ISBN-13: 9780521536721
• ISBN-10: 0521536723
• Artikelnr.: 12601882

Rezensionen

'Paul Milgrom has combined fundamental work in economic theory and, in particular, the theory of auctions, with extensive practical participation in the auctions of the electromagnetic spectrum. This book is a brilliant synthesis of his own and others' contributions to the field. The impact of practical problems on the need for theory is thoroughly exemplified. The exposition of the theory has that complete ease only achievable through complete mastery and intense work.' Kenneth Arrow, Nobel Laureate, Stanford University