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Author: Vasiliki Skreta
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Vasiliki Skreta
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Bo Honoré
Publisher: Cambridge University Press
ISBN: 1108245668
Category : Business & Economics
Languages : en
Pages : 350
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Book Description
This is the first of two volumes containing papers and commentaries presented at the Eleventh World Congress of the Econometric Society, held in Montreal, Canada in August 2015. These papers provide state-of-the-art guides to the most important recent research in economics. The book includes surveys and interpretations of key developments in economics and econometrics, and discussion of future directions for a wide variety of topics, covering both theory and application. These volumes provide a unique, accessible survey of progress on the discipline, written by leading specialists in their fields. The first volume includes theoretical and applied papers addressing topics such as dynamic mechanism design, agency problems, and networks.
Author: Benjamin G. Edelman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Paul Milgrom
Publisher: Cambridge University Press
ISBN: 1139449168
Category : Business & Economics
Languages : en
Pages : 378
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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.
Author: Dirk Bergemann
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 34
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Book Description
We study auction design when bidders have a pure common value equal to the maximum of their independent signals. In the revenue maximizing mechanism, each bidder makes a payment that is independent of his signal and the allocation discriminates in favor of bidders with lower signals. We provide a necessary and sufficient condition under which the optimal mechanism reduces to a posted price under which all bidders are equally likely to get the good. This model of pure common values can equivalently be interpreted as model of resale: the bidders have independent private values at the auction stage, and the winner of the auction can make a take-it-or-leave-it-offer in the secondary market under complete information.
Author: Petyon Young
Publisher: Elsevier
ISBN: 0444537678
Category : Mathematics
Languages : en
Pages : 1025
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Book Description
The ability to understand and predict behavior in strategic situations, in which an individual’s success in making choices depends on the choices of others, has been the domain of game theory since the 1950s. Developing the theories at the heart of game theory has resulted in 8 Nobel Prizes and insights that researchers in many fields continue to develop. In Volume 4, top scholars synthesize and analyze mainstream scholarship on games and economic behavior, providing an updated account of developments in game theory since the 2002 publication of Volume 3, which only covers work through the mid 1990s. Focuses on innovation in games and economic behavior Presents coherent summaries of subjects in game theory Makes details about game theory accessible to scholars in fields outside economics
Author: Akitoshi Muramoto
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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We study optimal auctions with expectation-based loss-averse bidders. We first consider when bidders are ex-ante identical. Although symmetric designs are optimal for bidders with expected-utility preferences, if the degree of loss aversion is sufficiently large relative to the variation in valuations, expected revenues are higher in the optimal design with one buyer than in any symmetric mechanism with multiple bidders. Further, we provide a sufficient condition under which optimal mechanisms are necessarily asymmetric. When bidders are ex-ante heterogeneous, the optimal degree of favoritism must be modified from the level in Myerson (1981) to reduce the uncertainty in auction outcomes. Not only the degree of the required modification but also the direction of the modification may not be monotone in the degree of loss aversion.
Author: Panos M. Pardalos
Publisher: Springer Science & Business Media
ISBN: 0387772472
Category : Mathematics
Languages : en
Pages : 872
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Book Description
This comprehensive work examines important recent developments and modern applications in the fields of optimization, control, game theory and equilibrium programming. In particular, the concepts of equilibrium and optimality are of immense practical importance affecting decision-making problems regarding policy and strategies, and in understanding and predicting systems in different application domains, ranging from economics and engineering to military applications. The book consists of 29 survey chapters written by distinguished researchers in the above areas.
Author: Dirk Bergemann
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
We characterize revenue maximizing auctions when the bidders are intermediaries who wish to resell the good. The bidders have differential information about their common resale opportunities: each bidder privately observes an independent draw of a resale opportunity, and the highest signal is a sufficient statistic for the value of winning the good. If the good must be sold, then the optimal mechanism is simply a posted price at which all bidders are willing to purchase the good, and all bidders are equally likely to be allocated the good, irrespective of their signals. If the seller can keep the good, then under the optimal mechanism, all bidders make the same expected payment and have the same expected probability of receiving the good, independent of the signal. Conditional on the good being sold, the allocation discriminates in favor of bidders with lower signals. In some cases, the optimal mechanism again reduces to a posted price. The model provides a foundation for posted prices in multi-agent screening problems.
Author: Georgios Pierrakos
Publisher:
ISBN:
Category :
Languages : en
Pages : 186
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Book Description
This dissertation provides a complexity-theoretic critique of Myerson's theorem, one of Mechanism Design's crown jewels, for which Myerson was awarded the 2007 Nobel Memorial Prize in Economic Sciences. This theorem gives a remarkably crisp solution to the problem faced by a monopolist wishing to sell a single item to a number of interested, rational bidders, whose valuations for the item are distributed independently according to some given distributions; the monopolist's goal is to design an auction that will maximize her expected revenue, while at the same time incentivizing the bidders to bid their true value for the item. Myerson solves this problem of designing the revenue-maximizing auction, through an elegant transformation of the valuation space, and a reduction to the problem of designing the social welfare-maximizing auction (i.e. allocating the item to the bidder who values it the most). This latter problem is well understood, and it admits a deterministic (i.e. the auctioneer does not have to flip any coins) and simple solution: the Vickrey (or second-price) auction. In the present dissertation we explore the trade-offs between the plausibility of this result and its tractability: First, we consider what happens as we shift away from the simple setting of Myerson to more complex settings, and, in particular, to the case of bidders with arbitrarily correlated valuations. Is a characterization as crisp and elegant as Myerson's still possible? In Chapter 2 we provide a negative answer: we show that, for three or more bidders, the problem of computing a deterministic, ex-post incentive compatible and individually rational auction that maximizes revenue is NP-complete --in fact, inapproximable. Even for the case of two bidders, where, as we show, the revenue-maximizing auction is easy to compute, it admits nonetheless no obvious natural interpretation a-la Myerson. Then, motivated by the subtle interplay between social welfare- and revenue-maximizing auctions implied by Myerson's theorem, we study the trade-off between those two objectives for various types of auctions. We show that, as one moves from the least plausible auction format to the most plausible one, the problem of reconciling revenue and welfare becomes less and less tractable. Indeed, if one is willing to settle for randomized solutions, then auctions that fare well with respect to both objectives simultaneously are possible, as shown by Myerson and Satterthwaite. For deterministic auctions on the other hand, we show in Chapter 3 that it is NP-hard to exactly compute the optimal trade-off (Pareto) curve between those two objectives. On the positive side, we show how this curve can be approximated within arbitrary precision for some settings of interest. Finally, when one is only allowed to use variants of the simple Vickrey auction, we show in Chapter 4 that there exist auctions that achieve constant factor approximations of the optimal revenue and social welfare simultaneously.
