State of the Art—Auctions and Bidding Models: A Survey

Richard Engelbrecht‐Wiggans

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Abstract

Auctions and bidding models are attracting an ever increasing amount of attention. The Stark and Rothkopf (Stark, R. M., M. H. Rothkopf. 1979. Competitive bidding: a comprehensive bibliography. Oper. Res. 27 (2) 364–390.) bibliography includes approximately 500 works in the area. Additional work has appeared since the bibliography was compiled. This paper surveys the main theoretical results and research efforts of the literature on auctions and bidding. A framework is presented for classifying and describing various auctions and bidding models based on the types of assumptions made for the models' various parameters. The major works, ideas, and results of the literature are surveyed in terms of this framework.

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1950The Bargaining Problem 1961COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS 1976Risk Aversion in the Small and in the Large 1976The logic of asymmetric contests 1966Aspects of the Theory of Risk-Bearing.1968Games with Incomplete Information Played by ‘Bayesian’ Players, Part III. The Basic Probability Distribution of the Game 1968Games with Incomplete Information Played by “Bayesian” Players Part II. Bayesian Equilibrium Points 1971Competitive Bidding in High-Risk Situations

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