Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result.
The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.
Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.
Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.
Spese di spedizione:
EUR 3,71
In U.S.A.
Descrizione libro Hardcover. Condizione: new. New. Fast Shipping and good customer service. Codice articolo Holz_New_0691016674
Descrizione libro Hardcover. Condizione: New. Codice articolo Abebooks159983
Descrizione libro Condizione: New. Codice articolo 145937
Descrizione libro Condizione: New. New. In shrink wrap. Looks like an interesting title! 1.63. Codice articolo Q-0691016674
Descrizione libro Hardcover. Condizione: new. New Copy. Customer Service Guaranteed. Codice articolo think0691016674
Descrizione libro Hardcover. Condizione: new. Brand New Copy. Codice articolo BBB_new0691016674
Descrizione libro Condizione: New. Codice articolo 402239-n
Descrizione libro HRD. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo WP-9780691016672
Descrizione libro Condizione: New. Codice articolo 402239-n
Descrizione libro Hardcover. Condizione: New. Codice articolo 6666-WLY-9780691016672