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Auction Theory

  • 2nd Edition - August 12, 2009
  • Latest edition
  • Author: Vijay Krishna
  • Language: English

Auction Theory, Second Edition improves upon his 2002 bestseller with a new chapter on package and position auctions as well as end-of-chapter questions and chapter notes. Comple… Read more

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Description

Auction Theory, Second Edition improves upon his 2002 bestseller with a new chapter on package and position auctions as well as end-of-chapter questions and chapter notes. Complete proofs and new material about collusion complement Krishna’s ability to reveal the basic facts of each theory in a style that is clear, concise, and easy to follow. With the addition of a solutions manual and other teaching aids, the 2e continues to serve as the doorway to relevant theory for most students doing empirical work on auctions.

Key features

  • Focuses on key auction types and serves as the doorway to relevant theory for those doing empirical work on auctions
  • New chapter on combinatorial auctions and new analyses of theory-informed applications
  • New chapter-ending exercises and problems of varying difficulties support and reinforce key points

Readership

Graduate students and professors working in finance, economics, and industrial organization, and professionals learning about or developing auctions, either in a university setting or in industry

Table of contents

I Single Object Auctions
Private Value Auctions
The Revenue Equivalence Principle
Qualifications and Extensions
Mechanism Design
Auctions with Interdependent Values
The Revenue Ranking ("Linkage") Principle
Asymmetries and Other Complications
Efficiency and the English Auction
Mechanism Design with Interdependent Values
Bidding Rings

II Multiple Object Auctions
An Introduction to Multiple Object Auctions
Equilibrium and Efficiency with Private Values
Some Revenue Considerations
Sequential Sales
Nonidentical Objects
Packages and Positions
Multiple Objects and Interdependent Values

III Appendices
Continuous Distributions
Stochastic Orders
Order Statistics
Affiliated Random Variables
Some Linear Algebra

Review quotes

"Krishna’s superb Auction Theory is an ideal text and reference because his clear and precise exposition distills the vast literature and provides excellent motivation, examples, exercises, and connections to commercial applications."—Robert B. Wilson, Stanford University

"On its publication in 2002, Vijay Krishna's book immediately became a central reference in auction theory. But the subject has continued to develop, and so we're very fortunate that Krishna has now updated the text."—Eric Maskin, Institute for Advanced Study, Nobel Laureate in Economics

Product details

  • Edition: 2
  • Latest edition
  • Published: August 12, 2009
  • Language: English

About the author

VK

Vijay Krishna

Affiliations and expertise
Pennsylvania State University, University Park, U.S.A.

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