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An Introduction to Auction Theory

TitleAn Introduction to Auction Theory
Publication TypeBook
Year of Publication2004
AuthorsMenezes, FM, Monteiro, PK
Number of Pages199
PublisherOxford University Press
ISBN Number9780199275984
Keywordsaffiliated values model, auction theory, Bayesian Nash equilibrium, common values model, multiple objects, private values model, Revenue Equivalence Theorem

This book presents an in-depth discussion of the auction theory. It introduces the concept of Bayesian Nash equilibrium and the idea of studying auctions as games. Private, common, and affiliated values models and multi-object auction models are described. A general version of the Revenue Equivalence Theorem is derived and the optimal auction is characterized to relate the field of mechanism design to auction theory.