(as of Apr 16,2018 18:44:47 UTC – Details)
The government uses them to sell everything from oil fields to pollution permits and privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists use them to explain prosperity and depression. Auctions constitute many of the world's most important markets; and this book describes how auction theory has also become a valuable tool for understanding economics.
Auction: Theory and Practice provides an introduction to non-technical auction theory and emphasizes its practical application. Although there are many very successful auction markets, there are some significant failures, and Klemperer provides many examples. He discussed the success and failure of the $100 billion "third-generation" mobile phone license auction; he designed the first of them together with Ken Binmore.
Klemperer also demonstrated the astonishing power of auction theory to explain seemingly unrelated issues such as the intensity of different forms of industrial competition, litigation costs, and even stock trading, madness, and financial collapse.
This book is very well written, not only for economics students, but also for those interested in auctions and their role in economics.
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