What Really Matters in Auction Design, from Auctions: Theory and Practice
[Auctions: Theory and Practice]
AbstractGovernments 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
This chapter was published in: Paul Klemperer , , pages , 2004.
This item is provided by Princeton University Press in its series Introductory Chapters with number 7728-3.
Contact details of provider:
Web page: http://press.princeton.edu
markets; industrial competition; litigation; stock trading; financial crashes;
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Axel Ockenfels, 2009.
"Marktdesign und Experimentelle Wirtschaftsforschung,"
Perspektiven der Wirtschaftspolitik,
Verein für Socialpolitik, vol. 10(s1), pages 31-53, 05.
- Axel Ockenfels, 2008. "Marktdesign und Experimentelle Wirtschaftsforschung," Working Paper Series in Economics 41, University of Cologne, Department of Economics.
- Susan Athey & Jonathan Levin & Enrique Seira, 2008.
"Comparing Open and Sealed Bid Auctions: Evidence from Timber Auctions,"
NBER Working Papers
14590, National Bureau of Economic Research, Inc.
- Susan Athey & Jonathan Levin & Enrique Seira, 2011. "Comparing open and Sealed Bid Auctions: Evidence from Timber Auctions," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 207-257.
- Susan Athey & Jonathan Levin & Enrique Seira, 2008. "Comparing Open and Sealed Bid Auctions: Evidence from Timber Auctions," Discussion Papers 08-012, Stanford Institute for Economic Policy Research.
- Peter Cramton & Evan Kwerel & Gregory Rosston & Andrzej Skrzypacz, 2011.
"Using Spectrum Auctions to Enhance Competition in Wireless Services,"
10-015, Stanford Institute for Economic Policy Research.
- Peter Cramton & Evan Kwerel & Gregory Rosston & Andrzej Skrzypacz, 2011. "Using Spectrum Auctions to Enhance Competition in Wireless Services," Journal of Law and Economics, University of Chicago Press, vol. 54(S4), pages S167 - S188.
- Peter Cramton & Evan Kwerel & Gregory Rosston & Andrzej Skrzypacz, 2012. "Using Spectrum Auctions to Enhance Competition in Wireless Services," Papers of Peter Cramton 11ckrs, University of Maryland, Department of Economics - Peter Cramton, revised 2012.
- Cramton, Peter & Kwerel, Evan & Rosston, Gregory L. & Skrzypacz, Andrzej, 2010. "Using Spectrum Auctions to Enhance Competition in Wireless Services," Working paper 48, Regulation2point0.
- Committee, Nobel Prize, 2007. "Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson: Mechanism Design Theory," Nobel Prize in Economics documents 2007-2, Nobel Prize Committee.
- Luciano De Castro, 2010. "Affiliation, Equilibrium Existence and Revenue Ranking of Auctions," Discussion Papers 1530, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Vincent Van Den Berg, 2011. "The effect of private road supply on the volume/capacity ratio when firms compete Stackelberg in Road Capacity," ERSA conference papers ersa11p1203, European Regional Science Association.
- repec:syb:wpbsba:02/2009 is not listed on IDEAS
- Fridolfsson, Sven-Olof & Tangerås, Thomas, 2011. "Nuclear Capacity Auctions," Working Paper Series 892, Research Institute of Industrial Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Webmaster).
If references are entirely missing, you can add them using this form.