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In theory and practice, how auctions work, with clear explanations and practical examples from government procurement to eBay.
Although it is one of the oldest market institutions, in today's economy, auctions are everywhere, from government procurement to selling advertisements on the Internet to the MIT Sloan Academy curriculum. However, except for a few economists who specialize in this issue, few people know how auctions work. This concise and easy-to-read book explains the theory and practice of auctions. It describes the main auction forms and pricing rules, develops a simple model to explain the behavior of bidders, and provides a series of real-world examples.
The author explains what constitutes an auction and how to model the auction as information asymmetry. That is, some players know games that other players do not know. They described their behavior in these strategic situations by exemplifying their discussions and looked at the real world, including not only auctions by eBay and Sotheby’s, but also auctions used by Google, the US Treasury Department, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how auction rules affect bidder incentives. They will appreciate the role of auctions in our modern economy and understand why these sales mechanisms are so flexible.Business Credit: No Personal Credit And No Personal Guarantee Our Business Credit Membership Provides Weekly Training,resources,vendor Credit Lines, Cash Credit Sources And Banking Contacts. Brand New High Converting Self Help/wealth Generation Success Package. How To Buy Commercial Real Estate With No Cash And No Credit! 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