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Author : Paul Robert Milgrom
Release : 2004-01-12
Genre : Business & Economics
Kind : eBook
Book Rating : 721/5 ( reviews)
Book Synopsis Putting Auction Theory to Work by : Paul Robert Milgrom
Download or read book Putting Auction Theory to Work written by Paul Robert Milgrom. This book was released on 2004-01-12. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Author : Paul Milgrom
Release : 2004-01-12
Genre : Business & Economics
Kind : eBook
Book Rating : 168/5 ( reviews)
Book Synopsis Putting Auction Theory to Work by : Paul Milgrom
Download or read book Putting Auction Theory to Work written by Paul Milgrom. This book was released on 2004-01-12. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Author : Paul Milgrom
Release : 2004
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Putting Auction Theory to Work by : Paul Milgrom
Download or read book Putting Auction Theory to Work written by Paul Milgrom. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul R. Milgrom
Release : 2013
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Putting Auction Theory to Work by : Paul R. Milgrom
Download or read book Putting Auction Theory to Work written by Paul R. Milgrom. This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt: I review the uses of economic theory in the initial design and later improvement of the "simultaneous ascending auction," which was developed initially for the sale of radio spectrum licenses in the United States. I analyze some capabilities and limitations of the auction, the roles of various detailed rules, the possibilities for introducing combinatorial bidding, and some considerations in adapting the auction for sales in which revenue, rather than efficiency, is the primary goal.
Author : Paul Milgrom
Release : 2017-05-23
Genre : Business & Economics
Kind : eBook
Book Rating : 57X/5 ( reviews)
Book Synopsis Discovering Prices by : Paul Milgrom
Download or read book Discovering Prices written by Paul Milgrom. This book was released on 2017-05-23. Available in PDF, EPUB and Kindle. Book excerpt: 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.
