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.
|Print publication date: 2004||Print ISBN-13: 9780199275984|
|Published to Oxford Scholarship Online: April 2005||DOI:10.1093/019927598X.001.0001|