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- DescriptionGovernments 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 ecomic 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 ecomics. Auctions: Theory and Practice provides a n-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some table 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 t only to ecomics students but to anyone interested in auctions and their role in ecomics.
- Author BiographyPaul Klemperer is the Edgeworth Professor of Economics at Oxford University and a Fellow of the British Academy and of the Econometric Society.
- Author(s)Paul Klemperer
- PublisherPrinceton University Press
- Date of Publication08/03/2004
- SubjectIndustrial Studies: General
- Series TitleToulouse Lectures in Economics S.
- Place of PublicationNew Jersey
- Country of PublicationUnited States
- ImprintPrinceton University Press
- Content NoteIllustrations
- Weight314 g
- Width152 mm
- Height229 mm
- Spine19 mm
- Format DetailsTrade paperback (US)
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