Auctions

Business & Finance, Marketing & Sales, Commerce, Economics, Economic History
Cover of the book Auctions by Timothy P. Hubbard, Harry J. Paarsch, The MIT Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Timothy P. Hubbard, Harry J. Paarsch ISBN: 9780262334730
Publisher: The MIT Press Publication: January 13, 2016
Imprint: The MIT Press Language: English
Author: Timothy P. Hubbard, Harry J. Paarsch
ISBN: 9780262334730
Publisher: The MIT Press
Publication: January 13, 2016
Imprint: The MIT Press
Language: English

How auctions work, in theory and practice, with clear explanations and real-world examples that range from government procurement to eBay.

Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.

The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information—that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

How auctions work, in theory and practice, with clear explanations and real-world examples that range from government procurement to eBay.

Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.

The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information—that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.

More books from The MIT Press

Cover of the book Beyond the Triple Bottom Line by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Introduction to Industrial Organization by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Out of the Shadows, Into the Streets! by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book The New Science of the Mind by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Fighting King Coal by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book The Sound of Innovation by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Robot Sex by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book The Aesthetics of Imagination in Design by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Post-Truth by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Sound Unbound by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Efficient Cognition by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book The Subject's Matter by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Feeling Extended by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Neural Control of Speech by Timothy P. Hubbard, Harry J. Paarsch
Cover of the book Operations Rules by Timothy P. Hubbard, Harry J. Paarsch
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy