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Relevance to Practice and Auction Theory: A Memorial Essay for Michael Rothkopf

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  • Ronald M. Harstad

    (Department of Economics, University of Missouri, Columbia, Missouri 65203)

  • Aleksandar Saša Pekeč

    (Fuqua School of Business, Duke University, Durham, North Carolina 27708)

Abstract

This essay assesses the state of auction theory in a particular dimension: its relevance to practice. Most auction models are more abstract than necessary. They depend on assumptions that are highly unlikely to occur in practical situations, which are often less formal and rigid. Nonetheless, we discuss several significant steps toward offering more practical advice.

Suggested Citation

  • Ronald M. Harstad & Aleksandar Saša Pekeč, 2008. "Relevance to Practice and Auction Theory: A Memorial Essay for Michael Rothkopf," Interfaces, INFORMS, vol. 38(5), pages 367-380, October.
    • Handle: RePEc:inm:orinte:v:38:y:2008:i:5:p:367-380
    DOI: 10.1287/inte.1080.0396
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    Cited by:

    1. Lorentziadis, Panos L., 2016. "Optimal bidding in auctions from a game theory perspective," European Journal of Operational Research, Elsevier, vol. 248(2), pages 347-371.

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