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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.
This textbook presents worked-out exercises on game theory with
detailed step-by-step explanations. While most textbooks on game
theory focus on theoretical results, this book focuses on providing
practical examples in which students can learn to systematically
apply theoretical solution concepts to different fields of
economics and business. The text initially presents games that are
required in most courses at the undergraduate level and gradually
advances to more challenging games appropriate for masters level
courses. The first six chapters cover complete-information games,
separately analyzing simultaneous-move and sequential-move games,
with applications in industrial economics, law, and regulation.
Subsequent chapters dedicate special attention to incomplete
information games, such as signaling games, cheap talk games, and
equilibrium refinements, emphasizing common steps and including
graphical illustrations to focus students' attention on the most
relevant payoff comparisons at each point of the analysis. In
addition, exercises are ranked according to their difficulty, with
a letter (A-C) next to the exercise number. This allows students to
pace their studies and instructors to structure their classes
accordingly. By providing detailed worked-out examples, this text
gives students at various levels the tools they need to apply the
tenets of game theory in many fields of business and economics.
This text is appropriate for introductory-to-intermediate courses
in game theory at the upper undergraduate and master's level.
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.
This textbook presents 122 exercises on industrial organization
with detailed answer keys. While most textbooks on industrial
organization focus on theory and empirical findings, this textbook
offers practical examples and exercises helping predict firm
behaviour in different industries. The book emphasizes the
game-theoretic tools used in each type of exercise, so students can
systematically apply them to other markets, forms of competition,
or information environments where firms, consumers, and regulating
agencies interact. The book begins with examples that analyse
different models of firm behavior and interaction; starting with
monopoly and moving through the Cournot model of simultaneous
quantity competition, the Bertrand model simultaneous price
competition, and sequential competition. The following chapters
apply game-theoretic tools to situations of increasing complexity:
regulation; R&D incentives; mergers and collusion; bundling
incentives; incomplete information, signalling, and competition;
networks and switching costs. In addition to providing algebraic
simplifications, some chapters also offer the unique feature of
worked exercises based on published journal articles by leading
scholars in the field. Finally, exercises are ranked according to
their difficulty, with a letter (A-C) next to the exercise number,
which allows students to pace their studies and instructors to
structure their classes accordingly. Providing a rigorous, yet
practical introduction to the field of industrial organization,
this textbook is appropriate for advanced undergraduate and
graduate students in economics and finance.
This textbook presents worked-out exercises on game theory with
detailed step-by-step explanations. While most textbooks on game
theory focus on theoretical results, this book focuses on providing
practical examples in which students can learn to systematically
apply theoretical solution concepts to different fields of
economics and business. The text initially presents games that are
required in most courses at the undergraduate level and gradually
advances to more challenging games appropriate for graduate level
courses. The first six chapters cover complete-information games,
separately analyzing simultaneous-move and sequential-move games,
with applications in industrial economics, law, and regulation.
Subsequent chapters dedicate special attention to incomplete
information games, such as signaling games, cheap talk games, and
equilibrium refinements, emphasizing common steps and including
graphical illustrations to focus students' attention on the most
relevant payoff comparisons at each point of the analysis. In
addition, exercises are ranked according to their difficulty, with
a letter (A-C) next to the exercise number. This allows students to
pace their studies and instructors to structure their classes
accordingly. By providing detailed worked-out examples, this text
gives students at various levels the tools they need to apply the
tenets of game theory in many fields of business and economics. The
second edition of the text has been revised to provide additional
exercises at the introductory and intermediate level, expanding the
scope of the book to be appropriate for upper undergraduate
students looking to improve their understanding of the subject. The
second edition also includes a new chapter devoted entirely to
cheap talk games. Revised to appeal to a larger audience of
instructors and students, this text is appropriate for
introductory-to-intermediate courses in game theory at the upper
undergraduate and graduate levels.
Common Pool Resources include, for instance, fishing grounds,
irrigation systems, forests and the atmosphere. Now more than ever,
how we responsibly share and use those goods is a vital issue. This
textbook introduces students of economics, business and policy
studies to the key issues in the field. It uses a game-theory
approach to help readers understand the mathematical representation
of how to find equilibrium behavior in CPRs, how to identify the
socially optimal appropriation, and how to measure the
inefficiencies that arise. Algebra and calculus steps are clearly
explained, so students can more easily reproduce the analysis and
apply it in their own research. Finally, the book also summarizes
experimental studies that tested theoretical results in controlled
environments, introducing readers to a literature that has expanded
over the last decades, and provides references for further reading.
Common Pool Resources include, for instance, fishing grounds,
irrigation systems, forests and the atmosphere. Now more than ever,
how we responsibly share and use those goods is a vital issue. This
textbook introduces students of economics, business and policy
studies to the key issues in the field. It uses a game-theory
approach to help readers understand the mathematical representation
of how to find equilibrium behavior in CPRs, how to identify the
socially optimal appropriation, and how to measure the
inefficiencies that arise. Algebra and calculus steps are clearly
explained, so students can more easily reproduce the analysis and
apply it in their own research. Finally, the book also summarizes
experimental studies that tested theoretical results in controlled
environments, introducing readers to a literature that has expanded
over the last decades, and provides references for further reading.
Solutions and detailed explanations for odd-numbered end-of-chapter
exercises (107 problems) in Felix Munoz-Garcia's Advanced
Microeconomic Theory. Felix Munoz-Garcia's Advanced Microeconomic
Theory provides examples and exercises that help students
understand how to apply theoretical models and offers tools for
approaching similar problems on their own. This workbook provides
solutions and step-by-step explanations for the odd-numbered
exercises (107 problems in total). The answer key and detailed
explanations emphasize the economic intuition behind the
mathematical assumptions and results and, in combination with the
textbook, enable students to improve both their theoretical and
practical preparation.
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