Handbook of Game Theory

Chapter 7

Advances in Auctions

Todd R. Kaplan*^,†; Shmuel Zamir*^,‡    ^* Department of Economics, University of Exeter Business School, UK^† Department of Economics, University of Haifa, Israel^‡ The Center for the Study of Rationality, The Hebrew University of Jerusalem, Israel

Abstract

As a selling mechanism, auctions have acquired a central position in the free market economy all over the globe. This development has deepened, broadened, and expanded the theory of auctions in new directions. This chapter is intended as a selective update of some of the developments and applications of auction theory in the two decades since Wilson (1992) wrote the previous Handbook chapter on this topic.

Keywords

Auctions

Private-value auctions

Multiunit auctions ...