Auction Theory 2002

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1、DetailedTableofContentsPREFACEixINTRODUCTION1PartA:IntroductiontotheTheory1:ASURVEYOFAUCTIONTHEORY91.1INTRODUCTION91.1.1Planofthischapter101.1.2Thestandardauctiontypes111.1.3Thebasicmodelsofauctions121.1.4Biddinginthestandardauctions131.1.5Terminology141.2EARLY

2、LITERATURE151.3INTRODUCTIONTOTHERECENTLITERATURE161.4THEBASICANALYSISOFOPTIMALAUCTIONS,REVENUEEQUIVALENCE,ANDMARGINALREVENUES161.5RISK-AVERSION191.6CORRELATIONANDAFFILIATION201.7ASYMMETRIES211.7.1Privatevaluedifferences221.7.2Almost-common-values231.7.3Informat

3、ionadvantages241.8ENTRYCOSTSANDTHENUMBEROFBIDDERS251.8.1Endogenousentryofbidders251.8.2Thevalueofadditionalbidders271.8.3Informationaggregationwithlargenumbersofbidders271.8.4Unknownnumberofbidders281.9COLLUSION281.10MULTI-UNITAUCTIONS291.10.1Optimalauctions291

4、.10.2Simultaneousauctions301.10.3Sequentialauctions311.10.4Efficientauctions331.11ROYALTIES,INCENTIVESCONTRACTS,ANDPAYMENTSFORQUALITY341.12DOUBLEAUCTIONS,ETC.351.12.1Doubleauctions351.12.2Relatedtwo-sidedtradingmechanisms361.13OTHERTOPICS361.13.1Budgetconstraint

5、s371.13.2Externalitiesbetweenbidders371.13.3Jumpbidding381.13.4Thewarofattrition381.13.5Competingauctioneers391.14TESTINGTHETHEORY391.15CONCLUSION39APPENDIX1.A:THEREVENUEEQUIVALENCETHEOREM401.B:MARGINALREVENUES441.C:AFFILIATEDSIGNALS481.D:EXAMPLESUSINGTHEUNIFOR

6、MDISTRIBUTION511.E:BIBLIOGRAPHY57AFTERWORD62EXERCISES66PartB:ApplicationstoOtherAreasofEconomics2:WHYEVERYECONOMISTSHOULDLEARNSOMEAUCTIONTHEORY752.1INTRODUCTION762.2USINGAUCTION-THEORETICTOOLSINECONOMICS:THEREVENUEEQUIVALENCETHEOREM772.2.1Comparinglitigationsys

7、tems782.2.2Thewarofattrition792.2.3Queuingandother‘‘all-pay’’applications812.2.4Solvingforequilibriumbehavior:marketcrashesandtrading‘‘frenzies’’812.3TRANSLATINGLOOSERANALOGIESFROMAUCTIONSINTOECONOMICS:ASCENDINGVS.(FIRST-PRICE)SEALED-BIDAUCTIONS842.3.1Internets

8、alesvs.dealersales842.3.2Anglo-Dutchauctions,atheoryofrationing,andpatentraces882.4EXPLOITINGDEEPERCONNECTIONSBETWEENAUCTIONSANDECONOMICS:MARGINALREVENUES892.5APPLYINGAUCTIO