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His book, Combinatorial Auctions, edited with Yoav Shoham and Richard Steinberg, has more than 1,300 citations. The book explains why and how to conduct auctions with package bidding. [14] He has provided advice on electricity auctions and electricity market restructuring in New England, Alberta, Colombia, the UK, France and New Zealand.
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost.
He is Honorary Dean of Institute for Advanced Research at Shanghai University of Finance and Economics. [2] Tian's research is focused on mechanism design theory, game theory, auction theory, matching theory, mathematical economics, market-oriented economic transition and Chinese economy.
Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is the winner of the 2020 Nobel Memorial Prize in Economic Sciences, together with Robert B. Wilson, "for improvements to auction theory and inventions of new auction formats". [2] [3] He is the co-creator of the no-trade theorem with Nancy Stokey.
Robert Butler "Bob" Wilson, Jr. (born May 16, 1937) is an American economist who is the Adams Distinguished Professor of Management, Emeritus at Stanford University.He was jointly awarded the 2020 Nobel Memorial Prize in Economic Sciences, together with his Stanford colleague and former student Paul R. Milgrom, [2] "for improvements to auction theory and inventions of new auction formats".
The linkage principle is a finding of auction theory. It states that auction houses have an incentive to pre-commit to revealing all available information about each lot, positive or negative. The linkage principle is seen in the art market with the tradition of auctioneers hiring art experts to examine each lot and pre-commit to provide a ...
His career was initially marked by important contributions to auction theory and mechanism design. In the 1980s, he worked on the use of incentives in state owned enterprises in China and policies for emerging economies. His recent work has examined entrepreneurship in those economies, as well as the institutional structure for economic ...
Vickrey was the first to use the tools of game theory to explain the dynamics of auctions. [5] In his seminal paper, Vickrey derived several auction equilibria, and provided an early revenue-equivalence result. The revenue equivalence theorem remains the centrepiece of modern auction theory. The Vickrey auction is named after him. [5]