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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.
He works on industrial economics, competition policy, auction theory, and climate change economics and policy. Having lived his early life in the Midlands where he attended the independent King Edward's School, Birmingham , [ 2 ] Klemperer went on to gain an engineering degree from Cambridge University , and an MBA and an economics PhD from ...
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".
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.
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]
A VCG mechanism can also be used in a double auction. It is the most general form of incentive-compatible double-auction since it can handle a combinatorial auction with arbitrary value functions on bundles. Unfortunately, it is not budget-balanced: the total value paid by the buyers is smaller than the total value received by the sellers.
The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. [1] Participants bid openly against one another, with each subsequent bid being higher than the previous bid. [2]
Download as PDF; Printable version; In other projects Wikidata item; ... Pages in category "Auction theory" The following 19 pages are in this category, out of 19 total.