Authors:
- Presents 83 worked-out exercises on auction theory
- Provides algebra support and step-by-step calculations
- Includes exercises based on foundational journal articles
- Ranks exercises according to difficulty for self-guided study
Part of the book series: Springer Texts in Business and Economics (STBE)
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Table of contents (10 chapters)
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Front Matter
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Back Matter
About this book
This textbook provides a short introduction to auction theory through exercises with detailed answer keys. Focusing on practical examples, this textbook offers over 80 exercises that predict bidders’ equilibrium behaviour in different auction formats, along with the seller’s strategic incentives to organize one auction format over the other. The book emphasizes game-theoretic tools, so students can apply similar tools to other auction formats. Also included are several exercises based on published articles, with the model reduced to its main elements and the question divided into several easy-to-answer parts. Little mathematical background in algebra and calculus is assumed, and most algebraic steps and simplifications are provided, making the text ideal for upper undergraduate and graduate students.
The book begins with a discussion of second-price auctions, which can be studied without using calculus, and works through progressively more complicated auction scenarios: first-price auctions, all-pay auctions, third-price auctions, the Revenue Equivalence principle, common-value auctions, multi-unit auctions, and procurement auctions. Exercises in each chapter are ranked according to their difficulty, with a letter (A-C) next to the exercise title, which allows students to pace their studies accordingly. The authors also offer a list of suggested exercises for each chapter, for instructors teaching at varying levels: undergraduate, Masters, Ph.D.Providing a practical, customizable approach to auction theory, this textbook is appropriate for students of economics, finance, and business administration. This book may also be used for related classes such as game theory, market design, economics of information, contract theory, or topics in microeconomics.
Authors and Affiliations
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Graduate Institute of Industrial Economics, National Central University, Taoyuan City, Taiwan
Pak-Sing Choi
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School of Economic Sciences, Washington State University, Pullman, USA
Felix Munoz-Garcia
About the authors
Pak-Sing Choi is assistant professor of economics at the Graduate Institute of Industrial Economics of National Central University, Taiwan. His research focuses on the effect of environmental regulation on industrial organization under asymmetric information.
Felix Munoz-Garcia is professor of economics at Washington State University (US). His research focuses on industrial organization, game theory, and their applications to environmental regulation in contexts where firms, government agencies, or both, are imperfectly informed.
Bibliographic Information
Book Title: Auction Theory
Book Subtitle: Introductory Exercises with Answer Keys
Authors: Pak-Sing Choi, Felix Munoz-Garcia
Series Title: Springer Texts in Business and Economics
DOI: https://doi.org/10.1007/978-3-030-69575-0
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
Hardcover ISBN: 978-3-030-69574-3Published: 25 May 2021
Softcover ISBN: 978-3-030-69577-4Published: 26 May 2022
eBook ISBN: 978-3-030-69575-0Published: 24 May 2021
Series ISSN: 2192-4333
Series E-ISSN: 2192-4341
Edition Number: 1
Number of Pages: XIV, 296
Number of Illustrations: 1 b/w illustrations, 51 illustrations in colour
Topics: Economic Theory/Quantitative Economics/Mathematical Methods, Game Theory, Economics, Social and Behav. Sciences, Microeconomics