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An Introduction to Auction Theory (Paperback)
Loot Price: R1,990
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An Introduction to Auction Theory (Paperback)
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The practical importance of auction theory is widely recognized.
Indeed, economists have been recognized for their contribution to
the design of several auction-like mechanisms, such as the U. S.
Federal Communications Commission spectrum auctions, the 3G
auctions in Europe and beyond, and the auction markets for
electricity markets around the world.
Moreover, auction theory is now seen as an important component of
an economist's training. For example, some of the more celebrated
results from the single-object auction theory are now usually
taught in advanced undergraduate and first-year graduate courses on
the economics of information. The techniques and insights gained
from the study of auction theory provide a useful starting point
for those who want to venture into the economics of information,
mechanism design, and regulatory economics.
This book provides a step-by-step, self-contained treatment of the
theory of auctions. The aim is to provide an introductory textbook
that will allow students and readers with a calculus background to
work through all the basic results. Coverage includes: the basic
independent-private-model; the effects of introducing correlation
in valuations on equilibrium behaviour and the seller's expected
revenue; mechanism design; and the theory of multi-object auctions.
The paperback edition of the text includes a new chapter which acts
as a guide to current developments in auction theory.
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