Auctions : Theory and Practice / Paul Klemperer.

Format:

Book

Author/Creator:

Klemperer, Paul, author.

Series:

The Toulouse Lectures in Economics

Language:

English

Subjects (All):

Auctions--European Union countries--Case studies.

Auctions.

Genre:

Electronic books.

Physical Description:

1 online resource (xiii, 246 p. :) ill. ;

Place of Publication:

Princeton, NJ : Princeton University Press, [2018]

Language Note:

In English.

Summary:

Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.

Contents:

Frontmatter

Contents

Preface

Introduction

Part A: Introduction to the Theory

Chapter One. A Survey of Auction Theory

Part B: Applications to Other Areas of Economics

Chapter Two. Why Every Economist Should Learn Some Auction Theory

Part C: Practical Auction Design

Chapter Three. What Really Matters in Auction Design

Chapter Four. Using and Abusing Auction Theory

Part D: Case Study: The ''3G'' Mobile-Phone Auctions

Chapter Five. Overview of the European Auctions

Chapter Six. Designing the UK Auction

Chapter Seven. Bidder Strategies

Chapter Eight. Were Auctions a Good Idea?

Suggestions for Course Outlines

Solutions to Exercises

References

Index

Notes:

Includes bibliographical references (p. [223]-239) and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

ISBN:

9780691186290

0691186294

OCLC:

1132226106