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OverviewHow auctions work, in theory and practice, with clear explanations and real-world examples that range from government procurement to eBay.Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information-that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient. Full Product DetailsAuthor: Timothy P. Hubbard (Colby College) , Harry J. PaarschPublisher: MIT Press Ltd Imprint: MIT Press Dimensions: Width: 12.70cm , Height: 1.30cm , Length: 17.80cm Weight: 0.227kg ISBN: 9780262528535ISBN 10: 0262528533 Pages: 264 Publication Date: 06 January 2016 Recommended Age: From 18 years Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: To order  Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us. Table of ContentsReviewsThe information is wide-ranging, useful, and very interesting. Choice Author InformationTimothy P. Hubbard is Assistant Professor of Economics at Colby College. After initial appointments at the University of British Columbia and the University of Western Ontario, Harry J. Paarsch held the position of Professor of Economics and Robert Jensen Research Fellow in the Henry B. Tippie College of Business at the University of Iowa and subsequently Chair in Economics at the University of Melbourne. From 2011 to 2014, he worked as an applied economist and data scientist for Amazon.com. Tab Content 6Author Website:Countries AvailableAll regions |
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