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.
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