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 Hidden Profit
Author: Robert Martichenko
Publisher:
ISBN: 9780997030839
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN: 9780997030839
Category :
Languages : en
Pages :
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 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
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
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 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.
I Found Love
Author: Doug Bender
Publisher: Thomas Nelson
ISBN: 9781400210466
Category : Family & Relationships
Languages : en
Pages : 0
Book Description
From the influential and ever-growing movement I Am Second, a remarkable collection of stories of people searching for and finding love. When I Am Second launched in 2008, the organization intended simply to tell stories of lives changed utterly by people placing God first and themselves second. Although the organization has exploded in size and influence since, that original mission has remained the same--and continues to have enormous power and influence today. I Found Love is the highly anticipated new book from I Am Second, gathering together stories of people who searched everywhere for fulfillment and wholeness and found it only when they surrendered to God. People whose stories appear include the following, among others: David and Tamela Mann Jason Castro Sean Lowe Stephen Baldwin Amanda Cooper Moving, compelling, and profoundly inspiring, the stories found here remind us that our hearts will always be restless until they find their rest in God and always unsatisfied until we find the love of God.
Publisher: Thomas Nelson
ISBN: 9781400210466
Category : Family & Relationships
Languages : en
Pages : 0
Book Description
From the influential and ever-growing movement I Am Second, a remarkable collection of stories of people searching for and finding love. When I Am Second launched in 2008, the organization intended simply to tell stories of lives changed utterly by people placing God first and themselves second. Although the organization has exploded in size and influence since, that original mission has remained the same--and continues to have enormous power and influence today. I Found Love is the highly anticipated new book from I Am Second, gathering together stories of people who searched everywhere for fulfillment and wholeness and found it only when they surrendered to God. People whose stories appear include the following, among others: David and Tamela Mann Jason Castro Sean Lowe Stephen Baldwin Amanda Cooper Moving, compelling, and profoundly inspiring, the stories found here remind us that our hearts will always be restless until they find their rest in God and always unsatisfied until we find the love of God.
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.