This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose

Table of contents

Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models b

An international team of experts covers the pros and cons of different auction formats and lessons learned in the field.

Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hote