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Why Every Economist Should Learn some Auction Theory

  • Paul Klemperer

This is an Invited paper for the World Congress of the Econometric Society held in Seattle in August 2000. We discuss the strong connections between auction theory and "standard" economic theory, and argue that auction-theoretic tools and intuitions can provide useful arguments and insights in a broad range of mainstream economic settings that do not, at first sight, look like auctions. We also discuss some more obvious applications, especially to industrial organization.

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File URL: http://www.nuff.ox.ac.uk/economics/papers/2000/w25/refreshing.pdf
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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 2000-W25.

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Date of creation: 01 Jul 2000
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Handle: RePEc:oxf:wpaper:2000-w25
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  27. Lawrence M. Ausubel & Peter Cramton & R. Preston McAfee & John McMillan, 1998. "Synergies in Wireless Telephony: Evidence from the Broadband PCS Auctions," Papers of Peter Cramton 97jems, University of Maryland, Department of Economics - Peter Cramton, revised 09 Jun 1998.
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  35. Klemperer, Paul, 1998. "Auctions with almost common values: The 'Wallet Game' and its applications," European Economic Review, Elsevier, vol. 42(3-5), pages 757-769, May.
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