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This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.
The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information - that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's but those used by Google, the US Treasury, TaskRabbit, and charities. Listeners will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.
Customer ReviewsMost Helpful
By Jay Friedman on 09-22-16
Perfect length and amount of information.
This gave a great overview of all of the basics that went deep enough to understand all of the variables and idiosyncrasies without getting so deep or mathy that I would get lost. Especially in audio format.