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Auctions: Theory and Practice Product Description

Governments use them to sell everything from oilfields to pollution permits and to privatize companies, consumers rely on them to buy baseball tickets and hotel rooms, and business theorists employ them to explain economic booms and busts. Auctions make up many of the world's most important markets; and this book describes how they have become an important economic force throughout the world.

"Auctions: Theory and Practice" begins with a non-technical introduction to auction theory, and emphasizes its practical application. Klemperer discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions--he was the principal designer of the first of these, which on its own raised thirty four billion dollars. He demonstrates the unexpected power of auction theory to explain seemingly unnconnected activities such as corporate takeovers, the intensity of different forms of industrial competition, and even Stock Trading "frenzies."

Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. In one, bidders signalled to each other by including lot identification numbers and even phone numbers as the final digits of their bids. In another, the winner bid $7 million but the rules required him to pay only $5,000. In a third, only three bidders turned up for an auction of three licences, so each of them won without even having to bid.

Engagingly written, the book will appeal not only to members of graduate courses in auction theory and design but also to anyone interested in auctions and their role in economics.

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