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Auction Theory, Second Edition 2nd Edition

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Vijay Krishna (Author)
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Vijay Krishna (Author)
4.8 out of 5 stars 6 customer reviews
ISBN-13: 978-0123745071
ISBN-10: 0123745071
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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  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #505,647 in Books (See Top 100 in Books)

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4.0 out of 5 starsintroduction for advanced readers
By Bernd Kotz on August 27, 2011
Format: Hardcover
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.Read more ›
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5.0 out of 5 starsThe best book I could find on Auction Theory
By RK on September 21, 2015
Format: Hardcover
The best book I could find on Auction Theory, as the name correctly implies. Has all the basics derived with full details provided. One aspect of improvement could be to clarify certain assumptions made with more explanations provided.
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5.0 out of 5 starsThe best of the bests, thank you very lot Vijay!
By Pedro Rafael Lopes Fernandes on November 13, 2013
Format: Hardcover Verified Purchase
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!
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