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Applying Auction Theory to Economics

Author

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  • Paul Klemperer

Abstract

This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be 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.

Suggested Citation

  • Paul Klemperer, 2000. "Applying Auction Theory to Economics," Economics Series Working Papers 1, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:1
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    File URL: https://ora.ox.ac.uk/objects/uuid:209b288c-4ea0-4c9b-925e-861d5cf3284e
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    Citations

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    Cited by:

    1. Olivier Armantier & Erwann SbaÏ, 2006. "Estimation and comparison of treasury auction formats when bidders are asymmetric," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(6), pages 745-779, September.
    2. Michael R. Baye & Dan Kovenock & Casper G. Vries, 2005. "Comparative Analysis of Litigation Systems: An Auction-Theoretic Approach," Economic Journal, Royal Economic Society, vol. 115(505), pages 583-601, July.
    3. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter.
    4. Tian, Guoqiang & Xiao, Mingjun, 2007. "Endogenous Information Acquisition on Opponents' Valuations in Multidimensional First Price Auctions," MPRA Paper 41214, University Library of Munich, Germany, revised Jan 2010.
    5. Macatangay, Rafael Emmanuel A., 2001. "Market definition and dominant position abuse under the new electricity trading arrangements in England and Wales," Energy Policy, Elsevier, vol. 29(5), pages 337-340, April.
    6. Wolfgang Leininger, 2000. "Auction Theory from an All-Pay View: Buying Binary Lotteries," CESifo Working Paper Series 382, CESifo.
    7. Bergstrom, Carl T. & Bergstrom, Ted C & Garratt, Rod, 2009. "Ideal Bootstrapping and Exact Recombination: Applications to Auction Experiments," University of California at Santa Barbara, Economics Working Paper Series qt4xb7454q, Department of Economics, UC Santa Barbara.
    8. Isabelle Brocas, 2003. "Endogenous entry in auctions with negative externalities," Theory and Decision, Springer, vol. 54(2), pages 125-149, March.
    9. Satoru Fujishige & Zaifu Yang, 2020. "A Universal Dynamic Auction for Unimodular Demand Types: An Efficient Auction Design for Various Kinds of Indivisible Commodities," Discussion Papers 20/08, Department of Economics, University of York.

    More about this item

    Keywords

    auctions; bidding; auction theory; private values; common values; mechanism design; litigation; stock markets; queues; financial crashes; brand loyalty; War of Attrition; Bertrand; perfect competition; E-commerce; spectrum auctions; treasury auctions; ele;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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