Abstract
This is a brief survey of the theory of auction. We first discuss the types of agents who participate in an auction and their respective objectives. In the next section we briefly explain the concepts of standard auction, revenue equivalence theorem (perhaps the most cited result in auction theory, along with the result of Myerson on optimal auction), optimal auction, interdependent valuations, risk and some other commonly used concepts. Finally we discuss the theory of contest, as contests are essentially auctions where a part of the payment function is exogenously given to the contestants. JEL Classification: D44 (Auctions)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: South Asian Journal of Macroeconomics and Public Finance
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
