Common Value Auctions and the Winner's Curse

Common Value Auctions and the Winner's Curse
Author: John H. Kagel,Dan Levin
Publsiher: Princeton University Press
Total Pages: 424
Release: 2009-04-11
ISBN 10: 9781400830138
ISBN 13: 1400830133
Language: EN, FR, DE, ES & NL


Common Value Auctions and the Winner's Curse Book Review:

Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.

Topics in Microeconomics

Topics in Microeconomics
Author: Elmar Wolfstetter
Publsiher: Cambridge University Press
Total Pages: 370
Release: 1999-10-28
ISBN 10: 9780521645348
ISBN 13: 0521645344
Language: EN, FR, DE, ES & NL


Topics in Microeconomics Book Review:

This book in microeconomics focuses on the strategic analysis of markets under imperfect competition, incomplete information, and incentives. Part I of the book covers imperfect competition, from monopoly and regulation to the strategic analysis of oligopolistic markets. Part II explains the analytics of risk, stochastic dominance, and risk aversion, supplemented with a variety of applications from different areas in economics. Part III focuses on markets and incentives under incomplete information, including a comprehensive introduction to the theory of auctions, which plays an important role in modern economics.

Auctions

Auctions
Author: Paul Klemperer
Publsiher: Princeton University Press
Total Pages: 246
Release: 2018-06-05
ISBN 10: 0691186294
ISBN 13: 9780691186290
Language: EN, FR, DE, ES & NL


Auctions Book Review:

Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.

Internet Pricing

Internet Pricing
Author: Andrea Graber
Publsiher: Peter Lang
Total Pages: 412
Release: 2005
ISBN 10: 9783039106707
ISBN 13: 3039106708
Language: EN, FR, DE, ES & NL


Internet Pricing Book Review:

With the development of the Internet from a research network to a commercial and integrated network which must satisfy heterogeneous user demand, prices for Internet usage play an important role. This study analyzes the pricing of Internet transport services and interconnection. It explains why appropriate pricing requires popular flat rates to be abandoned. They should be replaced by usage-based prices which are load-sensitive and take different service qualities into consideration. The aim of this work is to give an overview of Internet pricing proposals, to classify, investigate, and evaluate these pricing schemes as well as to elaborate on relations between them. Evaluations are based on normative criteria for Internet pricing from the point of view of social welfare and the perspectives of both Internet service providers and users. Moreover, this book shows what efficient settlement rules look like at the interconnection level. Since these interconnection pricing agreements are closely related to retail pricing models the compatibility between them is also analyzed.

FCC Record

FCC Record
Author: United States. Federal Communications Commission
Publsiher:
Total Pages: 329
Release: 1994
ISBN 10:
ISBN 13: UVA:X004848232
Language: EN, FR, DE, ES & NL


FCC Record Book Review:

Bidding for Concessions

Bidding for Concessions
Author: Michael Klein
Publsiher: World Bank Publications
Total Pages: 24
Release: 1998
ISBN 10:
ISBN 13:
Language: EN, FR, DE, ES & NL


Bidding for Concessions Book Review:

Negotiation, Decision Making and Conflict Management

Negotiation, Decision Making and Conflict Management
Author: Max H. Bazerman
Publsiher:
Total Pages: 678
Release: 2005
ISBN 10:
ISBN 13: IND:30000116076013
Language: EN, FR, DE, ES & NL


Negotiation, Decision Making and Conflict Management Book Review:

The Economic Theory of Auctions

The Economic Theory of Auctions
Author: Paul Klemperer
Publsiher:
Total Pages: 692
Release: 2000
ISBN 10:
ISBN 13: UCSD:31822029886421
Language: EN, FR, DE, ES & NL


The Economic Theory of Auctions Book Review:

Management Science

Management Science
Author: N.A
Publsiher:
Total Pages: 329
Release: 2005
ISBN 10:
ISBN 13: UOM:39015058763155
Language: EN, FR, DE, ES & NL


Management Science Book Review:

Issues for Feb. 1965-Aug. 1967 include Bulletin of the Institute of Management Sciences.

The American Economic Review

The American Economic Review
Author: N.A
Publsiher:
Total Pages: 329
Release: 2002
ISBN 10:
ISBN 13: STANFORD:36105113260397
Language: EN, FR, DE, ES & NL


The American Economic Review Book Review:

Includes papers and proceedings of the annual meeting of the American Economic Association. Covers all areas of economic research.

Social Science Working Paper

Social Science Working Paper
Author: N.A
Publsiher:
Total Pages: 329
Release: 1988
ISBN 10:
ISBN 13: STANFORD:36105111133786
Language: EN, FR, DE, ES & NL


Social Science Working Paper Book Review:

Antitrust law journal

Antitrust law journal
Author: N.A
Publsiher:
Total Pages: 329
Release: 2004
ISBN 10:
ISBN 13: UCAL:B5145859
Language: EN, FR, DE, ES & NL


Antitrust law journal Book Review:

Microeconomics

Microeconomics
Author: David Besanko,Ronald Ray Braeutigam
Publsiher: John Wiley & Sons Incorporated
Total Pages: 706
Release: 2005
ISBN 10:
ISBN 13: STANFORD:36105119805518
Language: EN, FR, DE, ES & NL


Microeconomics Book Review:

Learning-by-doing problems throughout the text give students a chance to make economics their own. These fully worked-out problems provide a step-by-step road map to help students solve numerical problems. Each problem correlates to similar practice problems at the end of each chapter. The authors include many extensive real-world examples in the text. These examples are contemporary applications of the theory and are longer and more extensive to show the evolution of the example. Each chapter opens with an example to draw readers into the topic. Over 100 applications make the subject relevant and interesting for students. Math and graphs are integrated and presented in parallel, to help students understand both more deeply and to see the connections between them. This text includes modern topics and a more modern treatment of conventional topics. Examples includes an integrated treatment of game theory, ologopoly, a more detailed treatment of sunk costs, and consumer surplus.

Economics

Economics
Author: Edwin G. Dolan,David Earl Lindsey
Publsiher: Harcourt School
Total Pages: 1022
Release: 1991
ISBN 10:
ISBN 13: UCSC:32106015920702
Language: EN, FR, DE, ES & NL


Economics Book Review:

Using and Abusing Economic Theory

Using and Abusing Economic Theory
Author: Paul Klemperer
Publsiher:
Total Pages: 29
Release: 2003
ISBN 10:
ISBN 13: UVA:X004640983
Language: EN, FR, DE, ES & NL


Using and Abusing Economic Theory Book Review:

Treasury Bill Auctions

Treasury Bill Auctions
Author: Leonardo Bartolini,Carlo Cottarelli
Publsiher:
Total Pages: 66
Release: 1994
ISBN 10:
ISBN 13: UCSD:31822019112820
Language: EN, FR, DE, ES & NL


Treasury Bill Auctions Book Review:

We review the main issues that arise in the design of treasury bill auctions and survey the relevant empirical literature. We also provide a detailed description of the actual design of these auctions in a sample of 42 industrial and developing countries.

The Winner's Curse and the Failure of the Law of Demand

The Winner's Curse and the Failure of the Law of Demand
Author: Jeremy Bulow,Paul Klemperer
Publsiher:
Total Pages: 41
Release: 1997
ISBN 10:
ISBN 13: UVA:X006070886
Language: EN, FR, DE, ES & NL


The Winner's Curse and the Failure of the Law of Demand Book Review:

Intermediate Microeconomics and Its Application

Intermediate Microeconomics and Its Application
Author: Walter Nicholson
Publsiher: Harcourt College Pub
Total Pages: 722
Release: 1994
ISBN 10:
ISBN 13: UCSC:32106017212702
Language: EN, FR, DE, ES & NL


Intermediate Microeconomics and Its Application Book Review:

After a timely update of its problem sets and applications, Intermediate Microeconomics and Its Application is now available in an eighth edition. As with previous editions, this text still offers the most clear and concise introduction to economic analysis of how markets operate. The author's streamlined approach to the material, and lively new discussions offer students a textbook that is easy to learn from and interesting to read. Instructors will like the additions to the "Further Topics" section, which offers an up-to-date presentation of new topics in microeconomics.

Experimental Economics

Experimental Economics
Author: Douglas D. Davis,Charles A. Holt
Publsiher: Princeton University Press
Total Pages: 572
Release: 1993
ISBN 10: 9780691043173
ISBN 13: 0691043175
Language: EN, FR, DE, ES & NL


Experimental Economics Book Review:

A small but increasing number of economists have begun to use laboratory experiments to evaluate economic propositions under carefully controlled conditions. Experimental Economics is the first comprehensive treatment of this rapidly growing area of research. While the book acknowledges that laboratory experiments are no panacea, it argues cogently for their effectiveness in selected situations. Covering methodological and procedural issues as well as theory, Experimental Economics is not only a textbook but also a useful introduction to laboratory methods for professional economists. Although the authors present some new material, their emphasis is on organizing and evaluating existing results. The book can be used as an anchoring device for a course at either the graduate or advanced undergraduate level. Applications include financial market experiments, oligopoly price competition, auctions, bargaining, provision of public goods, experimental games, and decision making under uncertainty. The book also contains instructions for a variety of laboratory experiments.

The Journal of Economic Perspectives

The Journal of Economic Perspectives
Author: N.A
Publsiher:
Total Pages: 329
Release: 1993
ISBN 10:
ISBN 13: UCSD:31822020512455
Language: EN, FR, DE, ES & NL


The Journal of Economic Perspectives Book Review: