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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.
In auction theory and mechanism design, Border's theorem gives a necessary and sufficient condition for interim allocation rules (or reduced form auctions) to be implementable via an auction. It was first proven by Kim Border in 1991, [ 1 ] expanding on work from Steven Matthews , [ 2 ] Eric Maskin and John Riley . [ 3 ]
Market design is an interdisciplinary, [1] engineering-driven [2] approach to economics and a practical methodology for creation of markets of certain properties, which is partially based on mechanism design. [3]
A broker price opinion (BPO) is a real estate professional’s dollar estimate of a property’s worth. It is an opinion, but one often backed up by the selling prices of comparable homes in ...
An estate agent conducting an auction of real estate in Melbourne, Victoria, Australia In some countries, such as Australia , auctioning is a common method for the sale of real estate . Auctions were traditionally used as an alternative to the private sale/treaty method to sell property that, due to their unique characteristics, were difficult ...
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 ...
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.
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