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Auctions: Theory and Practice

Author

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  • Paul Klemperer

    (Nuffield College, Oxford University, UK)

Abstract

This book is a non-technical introduction to auction theory; its practical application in auction design (including many examples); and its uses in other parts of economics. It can be used for a graduate course on auction theory, or – by picking selectively – an advanced undergraduate or MBA course on auctions and auction design. Part A introduces the basic theory. Part B shows how modern auction-theoretic tools illuminate a range of mainstream economic questions that are superficially unconnected with auctions. Part C discusses practical auction design. Part D describes the one-hundred-billion dollar 3G mobile-phone license auctions. None of the writing is technical, except in the Appendices. The material was presented as the inaugural (2003) Toulouse Lectures in Economics and is forthcoming at Princeton University Press. This document contains the Contents, Preface and Introduction to the book. A draft of the FULL BOOK is available at http://www.paulklemperer.org.

Suggested Citation

  • Paul Klemperer, 2004. "Auctions: Theory and Practice," Economics Papers 2004-W09, Economics Group, Nuffield College, University of Oxford.
    • Handle: RePEc:nuf:econwp:049
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    File URL: http://www.nuff.ox.ac.uk/economics/papers/2004/W9/AuctionsTheoryPractice.pdf
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    References listed on IDEAS

    as
    1. Roger B. Myerson, 1978. "Optimal Auction Design," Discussion Papers 362, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Bulow, Jeremy & Roberts, John, 1989. "The Simple Economics of Optimal Auctions," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1060-1090, October.
    3. Milgrom, Paul R, 1979. "A Convergence Theorem for Competitive Bidding with Differential Information," Econometrica, Econometric Society, vol. 47(3), pages 679-688, May.
    4. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-392, June.
    5. Paul Klemperer (ed.), 2000. "The Economic Theory of Auctions," Books, Edward Elgar Publishing, volume 0, number 1669.
    6. Robert Wilson, 1977. "A Bidding Model of Perfect Competition," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 511-518.
    7. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
    8. Roger B. Myerson, 1981. "Optimal Auction Design," Mathematics of Operations Research, INFORMS, vol. 6(1), pages 58-73, February.
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    More about this item

    Keywords

    Auctions; Bidding; Auction Theory; Mechanism Design; Telecommunications; Spectrum Auctions; 3G; UMTS;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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