Auctions, Bidding, and Contracting
Uses and Theory
Book •
William Vickrey's 'Auctions, Bidding, and Contracting: Uses and Theory' presents a comprehensive exploration of auction theory and its practical applications.
The book delves into the theoretical foundations of auction design, examining different auction formats such as English auctions, Dutch auctions, and sealed-bid auctions.
Vickrey analyzes the strategic behavior of bidders, considering factors such as private information, risk aversion, and collusion.
He discusses the optimal design of auctions to maximize revenue for the seller and efficiency in resource allocation.
The book also explores the use of auctions in various real-world settings, including government procurement, spectrum allocation, and online marketplaces, offering insights into the complexities of auction design and the potential for innovative applications.
The book delves into the theoretical foundations of auction design, examining different auction formats such as English auctions, Dutch auctions, and sealed-bid auctions.
Vickrey analyzes the strategic behavior of bidders, considering factors such as private information, risk aversion, and collusion.
He discusses the optimal design of auctions to maximize revenue for the seller and efficiency in resource allocation.
The book also explores the use of auctions in various real-world settings, including government procurement, spectrum allocation, and online marketplaces, offering insights into the complexities of auction design and the potential for innovative applications.
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