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An Introduction to Auction Theory
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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

Authors

Affiliations are at time of print publication.

Flavio M. Menezes, author
Australian National University
Author Webpage

Paulo K. Monteiro, author
Escola de Pós-Graduação em Economia da FGV

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