- Hardcover: 200 pages
- Publisher: Academic Press Inc (25 April 2002)
- Language English
- ISBN-10: 012426297X
- ISBN-13: 978-0124262973
- Product Dimensions: 22.9 x 15 x 2 cm
- Average Customer Review: 4.5 out of 5 stars See all reviews (2 customer reviews)
- Amazon Bestsellers Rank: 1,189,345 in Books (See Top 100 in Books)
- See Complete Table of Contents
Auction Theory
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Product Description
Review
"Vijay Krishna's book provides a very thorough and patient presentation of auction theory, starting from the most basic analysis and graduating to sophisticated, state of the art theory, including multi-unit auctions. This book covers a very wide range of auction topics, providing a clear and accessible treatment. The theory is presented in a careful and easily understood style accessible to honors undergraduates as well as all economics graduate students. Krishna's book will certainly become the central book on auction theory." --R. Preston McAfee, Murray S. Johnson Chair in Economics, University of Texas "This book not only sets out much of the theoretical literature on auctions--including results that are very recent--but does so with a clarity, elegance, and rigor that is characteristic of Vijay Krishna's work." --Eric Maskin, A.O. Hirschman Professor of Social Science, Institute for Advanced Study, Princeton, New Jersey, U.S.A. "The book gives a superb presentation of auction theory, with clear and concise proofs of all results. It is essential reading for any serious student of auctions." --Peter Cramton, Professor of Economics, University of Maryland "This is the book we have been waiting for: a high level treatment of auction theory that carefully presents the technical details necessary for an in depth understanding of the main themes of auction theory, ideal as a basis for a graduate course, and by an author who has himself made important contributions to the subject." --Paul Klemperer, Edgeworth Professor of Economics, Nuffield College, University of Oxford, U.K.
Product Description
Through accessible, detailed examinations of themes central to auction theory, Vijay Krishna explores auctions and competitive bidding as games of incomplete information. His results on bidding strategies, efficiency, and revenue maximization, and his clear proofs for each proposition, make this book both the standard reference on auctions and the first source of authoritative information about multi-unit auctions. Well organized and featuring straightforward intuition, "Auction Theory's" depth and breadth lay bare the complexity and utility of this growing field. It is the standard reference on auctions and the first source of authoritative information about multi-unit auctions.
Inside This Book
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First Sentence
We begin the formal analysis by considering equilibrium bidding behavior in the four common auction forms in an environment with independently and identically distributed private values. Read the first page
Front Cover | Table of Contents | Excerpt | Index
We begin the formal analysis by considering equilibrium bidding behavior in the four common auction forms in an environment with independently and identically distributed private values. Read the first page
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Front Cover | Table of Contents | Excerpt | Index
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Customer Reviews
Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Hardcover
This is as good as auction theory texts get! All of the key areas are covered in a logical order and the exposition is generally clear and concise. Propositions are proven rigorously and examples add to the lucidity of the text.
"Auction Theory" is a technical text that is well suited for use by graduate students or as a reference for those researching in the area.
"Auction Theory" is a technical text that is well suited for use by graduate students or as a reference for those researching in the area.
Format:Hardcover
The book is separated into two parts. The first part contain single object auction. It begins with the basics in auction theory. The first and second price auctions. The equilibrium is derived from a mathematical model. The theoretical model is based on the revenue equivalence principle. The theorem says that under the right conditions the first price and second price auction leads to the same efficient results. If you relax the assumptions, the first price and second price auctions leads to different revenue results. He explains that the risk aversion and asymmetric bidders leads to more revenue in the first price auction. This result shows inefficiencies from the auction design. In the next section the question is about the mechanism of the auction design. The auction must hold the revelation principle and the auction must be incentive compatible. If both of them hold the auction is the better instrument for allocation than negotiation. An auction with independent values leads to the relaxation of the assumptions of private values. The signal of the selling price is revealed during the auction. This leads to the following result that the English auction is ranked before the second price and first price auction. The English auction is efficient when the highest bidder wins the auction. This is revealed in the average crossing condition. The first part closes with collusion in the auction. The proofs are more mathematical.
The second part is about multiple object auctions- It begins with sealed bid auction which includes the discriminatory, uniform price and Vickrey auction. The open auctions are the Dutch, English and Ausubel auction. They are compared to each other and related to the single object auction. The efficiency and revenue comparison is tested again. Some special cases of sequential auctions, no identical items and signals are discussed.
You need some preliminary work to read the book. The basics in game theory and a good understanding in the mechanism of auctions are needed. The book itself is very mathematical. You get lost in the proofs and theorems when you didn't know the basics. If you are a beginner in auctions than it is better to turn to a normal book in game theory. It helps you more than this book.
The second part is about multiple object auctions- It begins with sealed bid auction which includes the discriminatory, uniform price and Vickrey auction. The open auctions are the Dutch, English and Ausubel auction. They are compared to each other and related to the single object auction. The efficiency and revenue comparison is tested again. Some special cases of sequential auctions, no identical items and signals are discussed.
You need some preliminary work to read the book. The basics in game theory and a good understanding in the mechanism of auctions are needed. The book itself is very mathematical. You get lost in the proofs and theorems when you didn't know the basics. If you are a beginner in auctions than it is better to turn to a normal book in game theory. It helps you more than this book.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
5 reviews
9 of 10 people found the following review helpful
The Best
3 May 2006
Format:Hardcover|Amazon Verified Purchase
This is the best auction _theory_ book.
Any PhD student in economics or coorporate finance
should read it. Notice that if you are ONLY interested in
real-life auctions and not on the game theory behind
auction theory this book is not for you.
Any PhD student in economics or coorporate finance
should read it. Notice that if you are ONLY interested in
real-life auctions and not on the game theory behind
auction theory this book is not for you.
9 of 11 people found the following review helpful
Clear, Rigorous and Intuitive
12 Nov 2003
Format:Hardcover
This is a fabulous book for quickly uploading the central insights of the vast literature on the economics of auction design. Results are stated precisely and proven, often with an eye for developing intuition and an understanding of technique. The book can be read from cover to cover or dipped into as required. I find it an extremely useful aid to research.
Highly recommended.
Highly recommended.
6 of 7 people found the following review helpful
Accessible and straightforward. Thumbs up!
18 Oct 2005
Format:Hardcover
A balance between rigor and intuition. The book contains complete and clear proofs of almost all propositions and many- many fully-worked examples to reinforce intuition. The "chapter notes" provide with plenty further reading and the seven appendices at the end of the book cover lots of essential background. For those who are interested in auction theory and seek a rigorous treatment that at the same time is not intimidating, I highly recommend this book. After all, as Vijay Krishna states in the preface, "...the book is intended to be a conversation between the author and the reader".
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