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Auction Theory - Introductory Exercises with Answer Keys (Hardcover, 1st ed. 2021)
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Auction Theory - Introductory Exercises with Answer Keys (Hardcover, 1st ed. 2021)
Series: Springer Texts in Business and Economics
Expected to ship within 12 - 19 working days
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This textbook provides a short introduction to auction theory
through exercises with detailed answer keys. Focusing on practical
examples, this textbook offers over 80 exercises that predict
bidders' equilibrium behaviour in different auction formats, along
with the seller's strategic incentives to organize one auction
format over the other. The book emphasizes game-theoretic tools, so
students can apply similar tools to other auction formats. Also
included are several exercises based on published articles, with
the model reduced to its main elements and the question divided
into several easy-to-answer parts. Little mathematical background
in algebra and calculus is assumed, and most algebraic steps and
simplifications are provided, making the text ideal for upper
undergraduate and graduate students. The book begins with a
discussion of second-price auctions, which can be studied without
using calculus, and works through progressively more complicated
auction scenarios: first-price auctions, all-pay auctions,
third-price auctions, the Revenue Equivalence principle,
common-value auctions, multi-unit auctions, and procurement
auctions. Exercises in each chapter are ranked according to their
difficulty, with a letter (A-C) next to the exercise title, which
allows students to pace their studies accordingly. The authors also
offer a list of suggested exercises for each chapter, for
instructors teaching at varying levels: undergraduate, Masters,
Ph.D. Providing a practical, customizable approach to auction
theory, this textbook is appropriate for students of economics,
finance, and business administration. This book may also be used
for related classes such as game theory, market design, economics
of information, contract theory, or topics in microeconomics.
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