auction theory-tian

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1、LectureNotesAuctionTheoryGuoqiangTIANDepartmentofEconomicsTexasA&MUniversityCollegeStation,Texas77843(tian@econmail.tamu.edu)°cJanuary,2010/Revised:October14,2010Contents1Introduction11.1WhatisanAuction...............................21.2WhyAuctions..................................31.3Evaluatin

2、gAuctions..............................41.4SomeCommonAuctionForms.........................41.4.1TheEnglishAuction..........................41.4.2TheDutchAuction...........................41.4.3TheSealed-BidFirst-PriceAuction..................51.4.4TheSealed-BidSecond-PriceAuction...............

3、..51.5StandardAuctions...............................51.6EquivalentAuctions..............................62SomeUsefulMathematics72.1ContinuousDistributions............................72.1.1HazardRates..............................82.2StochasticDominance.............................92.2.1First-O

4、rderStochasticDominance...................92.2.2Second-OrderStochasticDominance.................92.2.3HazardRateDominance........................102.2.4ReverseHazardRateDominance...................112.3OrderStatistics.................................112.3.1HighestOrderStatistic.................

5、........112.3.2Second-HighestOrderStatistic....................122.4A±liation....................................13i2.4.1MonotoneLikelihoodRatioProperty.................142.4.2LikelihoodRatioDominance......................143PrivateValueAuctions163.1TheSymmetricModel............................

6、.173.1.1SecondPriceSealed-BidAuctions...................183.1.2FirstPriceSealed-BidAuctions....................193.2RevenueComparison..............................223.3ReservePrice..................................253.3.1ReservePricesinSecondPriceAuctions...............253.3.2ReservePricesinFir

7、stPriceAuctions................253.3.3RevenueE®ectsofReservePrices...................263.3.4TheOptimalReservePriceinaSecondPriceAuction........273.3.5EntryFeesasaSubstituteofReservePrices.............273.3.6E±ciencyversusRevenue..