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Putting Auction Theory To Work [PDF Download]

Putting Auction Theory to Work PDF
Author: Paul Milgrom
Publisher: Cambridge University Press
Release Date: 2004-01-12
ISBN: 9780521536721
Size: 45.38 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 368
View: 7496

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A Primer On Auction Design Management And Strategy [PDF Download]

A Primer on Auction Design  Management  and Strategy PDF
Author: David J. Salant
Publisher: MIT Press
Release Date: 2014-12-26
ISBN: 0262028263
Size: 61.82 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 200
View: 3025

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Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions.This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.

Auctions [PDF Download]

Auctions PDF
Author: Paul Klemperer
Publisher: Princeton University Press
Release Date: 2018-06-05
ISBN: 0691186294
Size: 28.72 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 246
View: 6601

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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.

Discovering Prices [PDF Download]

Discovering Prices PDF
Author: Paul Milgrom
Publisher: Columbia University Press
Release Date: 2017-05-23
ISBN: 023154457X
Size: 49.52 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 224
View: 5129

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Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.

Game Theory A Very Short Introduction [PDF Download]

Game Theory  A Very Short Introduction PDF
Author: Ken Binmore
Publisher: OUP Oxford
Release Date: 2007-10-25
ISBN: 0191579580
Size: 70.44 MB
Format: PDF
Category : Mathematics
Languages : en
Pages : 200
View: 6766

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Games are everywhere: Drivers manoeuvring in heavy traffic are playing a driving game. Bargain hunters bidding on eBay are playing an auctioning game. A firm negotiating next year's wage is playing a bargaining game. The opposing candidates in an election are playing a political game. The supermarket's price for corn flakes is decided by playing an economic game. Game theory is about how to play such games in a rational way. Even when the players have not thought everything out in advance, game theory often works for the same reason that mindless animals sometimes end up behaving very cleverly: evolutionary forces eliminate irrational play because it is unfit. Game theory has seen spectacular successes in evolutionary biology and economics, and is beginning to revolutionize other disciplines from psychology to political science. This Very Short Introduction introduces the fascinating world of game theory, showing how it can be understood without mathematical equations, and revealing that everything from how to play poker optimally to the sex ratio among bees can be understood by anyone willing to think seriously about the problem. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.

21st Century Economics A Reference Handbook [PDF Download]

21st Century Economics  A Reference Handbook PDF
Author: Rhona C. Free
Publisher: SAGE
Release Date: 2010-05-14
ISBN: 1412961424
Size: 71.77 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 1000
View: 2949

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Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Americans are debating the proper role of the government in company bailouts, the effectiveness of tax cuts versus increased government spending to stimulate the economy, and potential effects of deflation. Economists have dealt with such questions for generations, but they have taken on new meaning and significance. Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is intended to meet the needs of several types of readers. Undergraduate students preparing for exams will find summaries of theory and models in key areas of micro and macroeconomics. Readers interested in learning about economic analysis of an issue as well students embarking on research projects will find introductions to relevant theory and empirical evidence. And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from chapters that introduce cutting-edge topics. To make the book accessible to undergraduate students, models have been presented only in graphical format (minimal calculus) and empirical evidence has been summarized in ways that do not require much background in statistics or econometrics. It is thereby hoped that chapters will provide both crucial information and inspiration in a non-threatening, highly readable format.

Competition [PDF Download]

Competition PDF
Author: James Case
Publisher: Hill and Wang
Release Date: 2008-06-24
ISBN: 1429923091
Size: 60.57 MB
Format: PDF, ePub, Mobi
Category : Mathematics
Languages : en
Pages : 368
View: 1177

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The Mathematical Theory of Games Sheds Light On A Wide Range of Competitive Activities What do chess-playing computer programs, biological evolution, competitive sports, gambling, alternative voting systems, public auctions, corporate globalization, and class warfare have in common? All are manifestations of a new paradigm in scientific thinking, which James Case calls "the emerging science of competition." Drawing in part on the pioneering work of mathematicians such as John von Neumann, John Nash (of A Beautiful Mind fame), and Robert Axelrod, Case explores the common game-theoretical strands that tie these seemingly unrelated fields together, showing how each can be better understood in the shared light of the others. Not since James Gleick's bestselling book Chaos brought widespread public attention to the new sciences of chaos and complexity has a general-interest science book served such an eye-opening purpose. Competition will appeal to a wide range of readers, from policy wonks and futurologists to former jocks and other ordinary citizens seeking to make sense of a host of novel—and frequently controversial—issues.

The Methodology Of Experimental Economics [PDF Download]

The Methodology of Experimental Economics PDF
Author: Francesco Guala
Publisher: Cambridge University Press
Release Date: 2005-08-01
ISBN: 1107320860
Size: 44.45 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages :
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The experimental approach in economics is a driving force behind some of the most exciting developments in the field. The 'experimental revolution' was based on a series of bold philosophical premises which have remained until now mostly unexplored. This book provides the first comprehensive analysis and critical discussion of the methodology of experimental economics, written by a philosopher of science with expertise in the field. It outlines the fundamental principles of experimental inference in order to investigate their power, scope and limitations. The author demonstrates that experimental economists have a lot to gain by discussing openly the philosophical principles that guide their work, and that philosophers of science have a lot to learn from their ingenious techniques devised by experimenters in order to tackle difficult scientific problems.

Strategic Value Value Analysis As A Business Weapon [PDF Download]

Strategic Value  Value Analysis as a Business Weapon PDF
Author: Richard Stewart
Publisher: HarperCollins Australia
Release Date: 2012-07-01
ISBN: 1743096844
Size: 71.47 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 176
View: 3897

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Right now, businesses are operating in an environment of volatility and risk never before seen in financial markets. Uncertainty is up, confidence is down and value is anyone's guess. there's never been a greater need to understand value and to be able to assess it. And there's never been a better time to make real changes to improve the overall competitive advantage of your business. StRAtEGIC VALUE provides a lucid framework for assessing how much your business is worth, what risks confront it, and how you can add value to it. First, StRAtEGIC VALUE offers a clear guide to conducting a valuation. Next it addresses what to do when things go wrong, equipping readers with four tried and tested methods for analysing risk - because, as valuation expert Richard Stewart points out, when the stakes are high and the risks are real, knowledge is power. the picture is completed with five ways in which a senior executive can increase the value of their business. this down-to-earth and exceptionally practical guide draws on parallels with sailing, gambling and poker. the reason? Just as in business valuation, all three endeavours require participants to understand what's at stake and the risk associated with that stake, and to grasp the strategies through which they might improve their position. In today's post-GFC economy, valuation is not so much an accounting add-on as a core business skill. StRAtEGIC VALUE is vital reading for CFOs and senior financial executives, heads of strategy, current and future entrepreneurs, investors - especially corporate portfolio managers - and any businessperson who has responsibility for the strategic direction of their company.