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1、P1:FCH/FFXP2:FCH/FFXQC:FCH/FFXT1:FCHCB610-FMCB610-Milgrom-v3October27,200316:27PUTTINGAUCTIONTHEORYTOWORKThisbookprovidesacomprehensiveintroductiontomodernauctiontheoryanditsimportantnewapplications.Itiswrittenbyaleadingeconomictheoristwhosesuggestionsguidedthecreationofthenews
2、pectrumauctiondesigns.Aimedatgraduatestudentsandprofessionalsineconomics,thebookgivesthemostup-to-datetreatmentsofbothtraditionaltheoriesof“optimalauctions”andnewertheoriesofmulti-unitauctionsandpackageauctions,andshowsbyexamplehowthesetheoriesareused.Theanalysisexploresthelimi
3、tationsofprominentolderdesigns,suchastheVickreyauctiondesign,andevaluatesthepracticalresponsestothoselimitations.Itexploresthetensionbetweenthetraditionaltheoryofauctionswithafixedsetofbidders,inwhichthesellerseekstosqueezeasmuchrevenueaspossiblefromthefixedset,andthetheoryofauct
4、ionswithendogenousentry,inwhichbidderprofitsmustberespectedtoencourageparticipation.Itshowshowseeminglydifferentauctiondesignscanleadtonearlyidenticaloutcomesiftheparticipatingbiddersarethesame–afindingthatfocusesattentionon(1)attractingbiddersand(2)mini-mizingthecostofrunningthe
5、auctionandbiddinginit.Itshowshownewauc-tiondesignscanaccommodatecomplicatedprocurementsettingsandsaleswithmanyinterrelatedgoods.PaulMilgromisLeonardandShirleyElyProfessorofHumanitiesandSocialSciencesandProfessorofEconomicsatStanfordUniversity.HehasalsotaughtatHarvardUniversitya
6、ndMIT.AFellowoftheAmericanAcademyofArtsandSciencesandtheEconometricSociety,ProfessorMilgromhasservedontheeditorialboardsoftheAmericanEconomicReview,Ecometrica,theJournalofEconomicTheory,theJournalofEconomicsandManagementStrategy,andGamesandEconomicBehavior.HeiscoauthorwithJohnR
7、obertsofthe1992landmarktextEconomics,Organization,andManagement.ProfessorMilgrom’sresearchhasbeenpublishedintheleadingjournalsineconomics,includingtheAmericanEconomicReview,Econometrica,theJournalofPoliticalEconomy,theQuarterlyJournalofEconomics,theJournalofEconomicTheory,theJo
8、urnalofEconomicPerspectives,andtheJournalofMathematica
