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Auction Theory: a Guide to the Literature

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Author Info
Klemperer, Paul

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Abstract

This paper provides an elementary, non-technical, survey of auction theory, by introducing and describing some of the critical papers in the subject. The most important of these are reproduced in a companion book, The Economic Theory of Auctions, Paul Klemperer (ed.), Edward Elgar (pub.), forthcoming.) We begin with the most fundamental concepts, and then introduce the basic analysis of optimal auctions, the revenue equivalence theorem, and marginal revenues. Subsequent sections address risk-aversion, affiliation, asymmetries, entry, collusion, multi-unit auctions, double auctions, royalties, incentive contracts, and other topics. Appendices contain technical details, some simple worked examples, and bibliographies.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2163.

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Date of creation: Jun 1999
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Handle: RePEc:cpr:ceprdp:2163

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Related research
Keywords: Auction Theory; Auctions; Bidding; Common-Value Auctions; Mechanism Design; Private-Value-Auctions;

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Find related papers by JEL classification:
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

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