September 2009
Intermediate to advanced
336 pages
9h 37m
English
Content preview from Auction Theory, 2nd Edition
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2 Introduction
In what follows, an auction will be understood to include the process of
procurement via competitive bidding. Of course, in this case it is the person
bidding lowest who wins the contract.
Why are auctions and competitive bidding so prevalent? Are there situations
to which an auction is particularly suited as a selling mechanism as opposed to,
say, a fixed, posted price? From the point of view of the bidders, what are good
bidding strategies? From the point of view of the sellers, are particular forms of
auctions likely to bring greater revenues than others? These and other questions
form the subject matter of this book.
1.1 SOME COMMON AUCTION FORMS
The open ascending price or English auction is the oldest and perhaps most preva-
lent
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