An Introduction to Auction Theory
Flavio M. Menezes and Paulo K. Monteiro
Abstract
This book presents an in-depth discussion of the auction theory. It introduces the concept of Bayesian Nash equilibrium and the idea of studying auctions as games. Private, common, and affiliated values models and multi-object auction models are described. A general version of the Revenue Equivalence Theorem is derived and the optimal auction is characterized to relate the field of mechanism design to auction theory.
Keywords: auction theory, Bayesian Nash equilibrium, Revenue Equivalence Theorem, multiple objects, private values model, common values model, affiliated values model
Bibliographic Information
| Print publication date: 2004 | Print ISBN-13: 9780199275984 |
| Published to Oxford Scholarship Online: April 2005 | DOI:10.1093/019927598X.001.0001 |
