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Auction Theory
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Auction Theory, Second Edition improves upon his 2002 bestseller with a new chapter on package and position auctions as well as end-of-chapter questions and chapter notes. Complete proofs and new material about collusion complement Krishna’s ability to reveal the basic facts of each theory in a style that is clear, concise, and easy to follow. With the addition of a solutions manual and other teaching aids, the 2e continues to serve as the doorway to relevant theory for most students doing empirical work on auctions. Focuses on key auction types and serves as the doorway to relevant theory for those doing empirical work on auctionsNew chapter on combinatorial auctions and new analyses of theory-informed applicationsNew chapter-ending exercises and problems of varying difficulties support and reinforce key points
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Product details
Hardcover: 336 pages
Publisher: Academic Press; 2 edition (August 26, 2009)
Language: English
ISBN-10: 0123745071
ISBN-13: 978-0123745071
Product Dimensions:
6.1 x 0.8 x 9.2 inches
Shipping Weight: 1.5 pounds (View shipping rates and policies)
Average Customer Review:
4.8 out of 5 stars
9 customer reviews
Amazon Best Sellers Rank:
#589,337 in Books (See Top 100 in Books)
This is the best auction _theory_ book.Any PhD student in economics or coorporate financeshould read it. Notice that if you are ONLY interested inreal-life auctions and not on the game theory behindauction theory this book is not for you.
I love this book.
This is a very good book on the topic, but we need a "Dummies" version. Auctions are becoming a part of everyday life -- been on EBay lately? Played the stock market? I wish Dr. Krishna had a version of this material without the rigorous math that I could in an undergrad course.
It is the best book about auctions. The best of the bests, thank you so much Vijay, it's amazing learn auction theory with you!
Classic book
Arrived on time as promised. Book provides comprehensive intro to subject.
The book is separated into two parts. The first part contain single object auction. It begins with the basics in auction theory. The first and second price auctions. The equilibrium is derived from a mathematical model. The theoretical model is based on the revenue equivalence principle. The theorem says that under the right conditions the first price and second price auction leads to the same efficient results. If you relax the assumptions, the first price and second price auctions leads to different revenue results. He explains that the risk aversion and asymmetric bidders leads to more revenue in the first price auction. This result shows inefficiencies from the auction design. In the next section the question is about the mechanism of the auction design. The auction must hold the revelation principle and the auction must be incentive compatible. If both of them hold the auction is the better instrument for allocation than negotiation. An auction with independent values leads to the relaxation of the assumptions of private values. The signal of the selling price is revealed during the auction. This leads to the following result that the English auction is ranked before the second price and first price auction. The English auction is efficient when the highest bidder wins the auction. This is revealed in the average crossing condition. The first part closes with collusion in the auction. The proofs are more mathematical.The second part is about multiple object auctions- It begins with sealed bid auction which includes the discriminatory, uniform price and Vickrey auction. The open auctions are the Dutch, English and Ausubel auction. They are compared to each other and related to the single object auction. The efficiency and revenue comparison is tested again. Some special cases of sequential auctions, no identical items and signals are discussed.You need some preliminary work to read the book. The basics in game theory and a good understanding in the mechanism of auctions are needed. The book itself is very mathematical. You get lost in the proofs and theorems when you didn't know the basics. If you are a beginner in auctions than it is better to turn to a normal book in game theory. It helps you more than this book.
A balance between rigor and intuition. The book contains complete and clear proofs of almost all propositions and many- many fully-worked examples to reinforce intuition. The "chapter notes" provide with plenty further reading and the seven appendices at the end of the book cover lots of essential background. For those who are interested in auction theory and seek a rigorous treatment that at the same time is not intimidating, I highly recommend this book. After all, as Vijay Krishna states in the preface, "...the book is intended to be a conversation between the author and the reader".
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