The economic theory of auctions

Abstract

Fifty-nine previously published papers in a two-volume set focus on the economic theory of auctions. The thirty-two papers of volume one present early and recent literature on auction theory; the basic analysis of optimal auctions, revenue equivalence, and marginal revenues; risk aversion; correlation and affiliation; asymmetries; entry costs, and the number of bidders; and collusion. Volume two contains twenty-seven papers that discuss multiunit auctions; royalties, incentive contracts, and payments for quality; double auctions; budget constraints, externalities between bidders, jump bidding, war of attrition, and competing auctioneers; and testing the theory.

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