Citation

Discussion Paper Details

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Title: Why every Economist should Learn some Auction Theory

Author(s): Paul Klemperer

Publication Date: October 2000

Keyword(s): Auction Theory, Auctions, Bertrand, Bidding, Brand Loyalty, Common Values, E-Commerce, Electricity, Financial Crashes, Litigation, Mechanism Design, Perfect Competition, Private Values, Queues, Spectrum Auctions, Stock Markets, Treasury Auctions and War Of Attrition

Programme Area(s): Industrial Organization

Abstract: This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be held in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and argue that auction-theoretic tools and intuitions can provide useful argument and insights in a broad range of mainstream economic settings that do not, at first sight, look like auctions. We also discuss some more obvious applications, especially to industrial organization.

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Bibliographic Reference

Klemperer, P. 2000. 'Why every Economist should Learn some Auction Theory'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=2572