Author: Paul Milgrom
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222
Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Discovering Prices
Author: Paul Milgrom
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222
Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222
Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Where to Play
Author: Marc Gruber
Publisher: Pearson UK
ISBN: 1292178930
Category : Business & Economics
Languages : en
Pages : 236
Book Description
Publisher: Pearson UK
ISBN: 1292178930
Category : Business & Economics
Languages : en
Pages : 236
Book Description
Discovering Wine
Author: Joanna Simon
Publisher: Simon and Schuster
ISBN: 0743253361
Category : Cooking
Languages : en
Pages : 164
Book Description
Fresh, accessible, and gorgeous, this bestselling guide has been updated withthe latest information on wines in a visually stunning format. 30,000print.
Publisher: Simon and Schuster
ISBN: 0743253361
Category : Cooking
Languages : en
Pages : 164
Book Description
Fresh, accessible, and gorgeous, this bestselling guide has been updated withthe latest information on wines in a visually stunning format. 30,000print.
Discovering Hidden Profit
Author: Robert Martichenko
Publisher:
ISBN: 9780997030839
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN: 9780997030839
Category :
Languages : en
Pages :
Book Description
Discovering Orson Welles
Author: Jonathan Rosenbaum
Publisher: Univ of California Press
ISBN: 0520247388
Category : Performing Arts
Languages : en
Pages : 696
Book Description
Publisher description
Publisher: Univ of California Press
ISBN: 0520247388
Category : Performing Arts
Languages : en
Pages : 696
Book Description
Publisher description
Putting Auction Theory to Work
Author: Paul Milgrom
Publisher: Cambridge University Press
ISBN: 1139449168
Category : Business & Economics
Languages : en
Pages : 378
Book Description
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Publisher: Cambridge University Press
ISBN: 1139449168
Category : Business & Economics
Languages : en
Pages : 378
Book Description
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Discovering Choices
Author:
Publisher: Al-Anon Family Group Headquarters, Incorporated
ISBN: 9780981501734
Category : Alcoholics
Languages : en
Pages : 336
Book Description
Publisher: Al-Anon Family Group Headquarters, Incorporated
ISBN: 9780981501734
Category : Alcoholics
Languages : en
Pages : 336
Book Description
Reading Matters
Author: Margaret Willes
Publisher:
ISBN:
Category : Antiques & Collectibles
Languages : en
Pages : 328
Book Description
It is easy to forget in our own day of cheap paperbacks and mega-bookstores that, until very recently, books were luxury items. Those who could not afford to buy had to borrow, share, obtain secondhand, inherit, or listen to others reading. This book examines how people acquired and read books from the sixteenth century to the present, focusing on the personal relationships between readers and the volumes they owned. Margaret Willes considers a selection of private and public libraries across the period—most of which have survived—showing the diversity of book owners and borrowers, from country-house aristocrats to modest farmers, from Regency ladies of leisure to working men and women. Exploring the collections of avid readers such as Samuel Pepys, Thomas Jefferson, Sir John Soane, Thomas Bewick, and Denis and Edna Healey, Margaret Willes also investigates the means by which books were sold, lending fascinating insights into the ways booksellers and publishers marketed their wares. For those who are interested in books and reading, and especially those who treasure books, this book and its bounty of illustrations will inform, entertain, and inspire.
Publisher:
ISBN:
Category : Antiques & Collectibles
Languages : en
Pages : 328
Book Description
It is easy to forget in our own day of cheap paperbacks and mega-bookstores that, until very recently, books were luxury items. Those who could not afford to buy had to borrow, share, obtain secondhand, inherit, or listen to others reading. This book examines how people acquired and read books from the sixteenth century to the present, focusing on the personal relationships between readers and the volumes they owned. Margaret Willes considers a selection of private and public libraries across the period—most of which have survived—showing the diversity of book owners and borrowers, from country-house aristocrats to modest farmers, from Regency ladies of leisure to working men and women. Exploring the collections of avid readers such as Samuel Pepys, Thomas Jefferson, Sir John Soane, Thomas Bewick, and Denis and Edna Healey, Margaret Willes also investigates the means by which books were sold, lending fascinating insights into the ways booksellers and publishers marketed their wares. For those who are interested in books and reading, and especially those who treasure books, this book and its bounty of illustrations will inform, entertain, and inspire.
Discovering the Cosmos
Author: Robert C. Bless
Publisher: University Science Books
ISBN: 9780935702675
Category : Science
Languages : en
Pages : 788
Book Description
This text has two objectives: to describe the leading ideas and concepts of modern astronomy; and to indicate how astronomy in particular and physical science in general developed, what its methods are, its goals and its limitations.
Publisher: University Science Books
ISBN: 9780935702675
Category : Science
Languages : en
Pages : 788
Book Description
This text has two objectives: to describe the leading ideas and concepts of modern astronomy; and to indicate how astronomy in particular and physical science in general developed, what its methods are, its goals and its limitations.
Discovering Home with Laurie Smith
Author: Laurie Hickson Smith
Publisher:
ISBN:
Category : Architecture
Languages : en
Pages : 194
Book Description
Laurie uses her own home, personal design journal, and classical training to teach design techniques. Inspirational, full-color photos capture Laurie's before-and-after design process. Gives homeowners confidence to work with any home's architectural "bones." Strategies to arrange furniture, choose colors, and play with patterns.
Publisher:
ISBN:
Category : Architecture
Languages : en
Pages : 194
Book Description
Laurie uses her own home, personal design journal, and classical training to teach design techniques. Inspirational, full-color photos capture Laurie's before-and-after design process. Gives homeowners confidence to work with any home's architectural "bones." Strategies to arrange furniture, choose colors, and play with patterns.