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An Introduction to Auction Theory

Flavio M. Menezes and Paulo K. Monteiro

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.001.0001
Subject:
Economics and Finance, Microeconomics

This book presents an in-depth discussion of the auction theory. It introduces the concept of Bayesian Nash equilibrium and the idea of studying auctions as games. Private, common, and affiliated ... More


Introduction

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0001
Subject:
Economics and Finance, Microeconomics

This introductory chapter provides three examples to illustrate the importance of auction theory to modern economics. These are the problem faced by a regulator wanting to regulate a monopolist with ... More


Shopping in Ancient Rome: The Retail Trade in the Late Republic and the Principate

Claire Holleran

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199698219
eISBN:
9780191741326
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199698219.001.0001
Subject:
Classical Studies, Archaeology: Classical

Given the remarkable concentration of consumers in ancient Rome, the vast majority of whom were entirely reliant on the market for survival, a functioning retail trade was vital to the survival of ... More


 Going, Going …

Ken Binmore

in Playing for Real: Game Theory

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195300574
eISBN:
9780199783748
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300574.003.0021
Subject:
Economics and Finance, Microeconomics

The most successful area of game theory is auction design. This chapter offers a short review of the subject. Various traditional auctions are described. After showing that most of these generate the ... More


Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Sharan Jagpal and Shireen Jagpal

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.001.0001
Subject:
Business and Management, Marketing

This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the ... More


Multiple Objects

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0007
Subject:
Economics and Finance, Microeconomics

This chapter analyses the problems in developing a general theory of multiple-object auctions. Sequential second-price auctions and discriminatory and uniform auctions are examined. The optimal ... More


Internet Marketing

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0021
Subject:
Business and Management, Marketing

This chapter examines how the Internet affects the firm's marketing policies. It shows how the firm should choose its marketing strategies including pricing (distinguishing between the B to B and B ... More


Choosing Strategies for New Products Using Primary Data

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0008
Subject:
Business and Management, Marketing

This chapter shows how the firm can choose new product designs and pricing strategies when primary data (i.e., intentions studies, conjoint experiments, auctions, simulated test markets, and test ... More


Auctions I: Independent Values

James Bergin

in Microeconomic Theory: A Concise Course

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199280292
eISBN:
9780191602498
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280290.003.0007
Subject:
Economics and Finance, Microeconomics

Auctions with independent values are described. Detailed calculations of equilibrium strategies are given for the standard auctions (first price, second price, and so on.) The fundamental revenue ... More


Private Values

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0003
Subject:
Economics and Finance, Microeconomics

This chapter presents the Independent Private Values model, wherein bidders’ values for the object being auctioned off is a function of only their own types. The equilibrium bidding strategies and ... More


Auctions II: Dependent Values

James Bergin

in Microeconomic Theory: A Concise Course

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199280292
eISBN:
9780191602498
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280290.003.0008
Subject:
Economics and Finance, Microeconomics

Considers auctions with non-independent valuations. Equilibrium bidding behaviour in the first price, second price, and English auctions is characterized. Revenue comparisons are given, showing that ... More


Initial Equality

Colin M. Macleod

in Liberalism, Justice, and Markets: A Critique of Liberal Equality

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293972
eISBN:
9780191599798
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293976.003.0002
Subject:
Political Science, Political Theory

Examines Dworkin's claim that what justice requires by way of an initial distribution of resources can be established by considering the operation of an ideal market. The special auction device used ... More


Origin of the Winner's Curse

G. Anandalingam and Henry C. Lucas

in Beware the Winner's Curse: Victories that Can Sink You and Your Company

Published in print:
2004
Published Online:
September 2007
ISBN:
9780195177404
eISBN:
9780199789559
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195177404.003.0001
Subject:
Business and Management, Strategy

The winner’s curse, at its core, is driven by information asymmetry because the buyer does not know the true value of the acquisition. Overpayment occurs beyond auctions; in fact, the possibility of ... More


The spectrum auction fiasco

G. Anandalingam and Henry C. Lucas

in Beware the Winner's Curse: Victories that Can Sink You and Your Company

Published in print:
2004
Published Online:
September 2007
ISBN:
9780195177404
eISBN:
9780199789559
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195177404.003.0002
Subject:
Business and Management, Strategy

This chapter presents a history and analysis of wireless spectrum auctions, one of the most blatant examples of companies paying far more for an asset than any conceivable market or strategic value. ... More


Preliminaries

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0002
Subject:
Economics and Finance, Microeconomics

This chapter presents the concept of a Bayesian Nash equilibrium as defined by Harsanyi (1967). His approach was to transform a game of incomplete information into one of imperfect information; any ... More


Mechanism Design

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0006
Subject:
Economics and Finance, Microeconomics

This chapter discusses how auction theory under independent types can be presented as a mechanism design problem. It is shown that any two mechanisms that allocate the object in the same way and ... More


 Mixing Things Up

Ken Binmore

in Playing for Real: Game Theory

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195300574
eISBN:
9780199783748
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300574.003.0006
Subject:
Economics and Finance, Microeconomics

This chapter develops the idea of a mixed strategy using the entry into a sealed-bid auction as a non-trivial example. Reaction curves are first illustrated for the case of pure strategies and then ... More


Managing in the Global Auction

Phillip Brown, Hugh Lauder, and David Ashton

in The Global Auction: The Broken Promises of Education, Jobs, and Incomes

Published in print:
2010
Published Online:
May 2012
ISBN:
9780199731688
eISBN:
9780199944125
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199731688.003.0018
Subject:
Sociology, Occupations, Professions, and Work

This chapter studies the growing importance connected to the way companies are restructuring their global division of labor. It starts with a section on the human resources of a company, who are ... More


High Skills, Low Wages

Phillip Brown, Hugh Lauder, and David Ashton

in The Global Auction: The Broken Promises of Education, Jobs, and Incomes

Published in print:
2010
Published Online:
May 2012
ISBN:
9780199731688
eISBN:
9780199944125
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199731688.003.0019
Subject:
Sociology, Occupations, Professions, and Work

This chapter considers the full impact of the global auction, as well as the influence of having access to college credentials. It examines the possibility that decreasing returns to human capital ... More


Common Value

Flavio M. Menezes and Paulo K. Monteiro

in An Introduction to Auction Theory

Published in print:
2004
Published Online:
April 2005
ISBN:
9780199275984
eISBN:
9780191602214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019927598X.003.0004
Subject:
Economics and Finance, Microeconomics

This chapter discusses common value auction models where the value of the object being sold is the same for all players, but is not known at the time of the auction. Two examples are presented to ... More


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