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Playing for RealGame Theory$
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Ken Binmore

Print publication date: 2007

Print ISBN-13: 9780195300574

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780195300574.001.0001

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Playing for Real

Ken Binmore (Contributor Webpage)

Oxford University Press

The most successful area of game theory is auction design. This chapter offers a short review of the subject. Various traditional auctions are described. After showing that most of these generate the same expected revenue to the seller under appropriate conditions, a version of the revenue equivalence theorem is proved. Reserve prices are briefly considered. An extended example of the use of the principles of mechanism design in constructing an optimal auction is offered, and the case of common-value auctions is reviewed. The chapter ends with a discussion of the important case of multiunit auctions, and concludes that treasury bonds could be sold on a more scientific basis than at present.

Keywords:   auction design, William Vickrey, random variable, integrating by parts, revenue equivalence theorem, optimal auction design, winners' curse, toehold model, multiunit auction, treasury bonds

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