Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.
The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information—that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.
Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.
The authors explain what constitutes an auction and how auctions can be modeled as games of asymmetric information—that is, games in which some players know something that other players do not. They characterize behavior in these strategic situations and maintain a focus on the real world by illustrating their discussions with examples that include not just auctions held by eBay and Sotheby's, but those used by Google, the U.S. Treasury, TaskRabbit, and charities. Readers will begin to understand how economists model auctions and how the rules of the auction shape bidder incentives. They will appreciate the role auctions play in our modern economy and understand why these selling mechanisms are so resilient.
For National Depression Education and Awareness Month in October, we are sharing a collection of titles that educates and informs on depression, including personal stories from those who have experienced depression and topics that range from causes and symptoms of depression to how to develop coping mechanisms to battle depression.
In celebration of the Halloween season, we are sharing horror books that are aligned with the themes of the holiday: the sometimes unknown and scary creatures and witches. From classic ghost stories and popular novels that are celebrated today, in literature courses and beyond, to contemporary stories about the monsters that hide in the dark, our list
For LGBTQIA+ History Month in October, we’re celebrating the shared history of individuals within the community and the importance of the activists who have fought for their rights and the rights of others. We acknowledge the varying and diverse experiences within the LGBTQIA+ community that have shaped history and have led the way for those
Penguin Random House Education is proud to celebrate Hispanic & Latine Heritage Month, which runs annually from September 15th through October 15th. We are highlighting the works of our authors from the Hispanic and Latine community. Find a full collection of titles here.
