About this product: Through accessible, detailed examinations of themes central to auction theory, Vijay Krishna explores auctions and competitive bidding as games of incomplete information. His results on bidding strategies, efficiency, and revenue maximization, and his clear proofs for each proposition, make this book both the standard reference on auctions and the first source of authoritative information about multi-unit auctions. Well organized and featuring straightforward intuition, Auction Theory's depth and breadth lay bare the complexity and utility of this growing field.
About this product: Providing a comprehensive introduction to modern auction theory and its important new applications, this book is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the volume provides the most up-to-date analysis of traditional theories of "optimal auctions" as well as newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. It explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. Paul Milgrom is the Leonard and Shirley Ely Professor of Humanities and Sciences and Professor of Economics, Stanford University. He is the author of more than sixty articles and co-author of the influential textbook, Economics, Organization and Management (Prentice Hall, 1992). Professor Milgrom is a pioneer in the economic theory of auctions and co-designer of the simultaneous, multiple round auction that the FCC adopted for selling radio spectrum licenses.
About this product: Pre-foreclosure real estate is one of the hottest investment opportunities on the market. The Pre-Foreclosure Property Investors Kit offers step-by-step instruction and no-nonsense advice on how to find great deals, estimate fair market value, negotiate with sellers, sell your property on your own, and win big in real estate. Youll learn how to get the best deals on foreclosure properties before they go to auction and utilize simple ready-made worksheets, checklists, forms, and agreements that make getting started easy. Even people of modest means can get into pre-foreclosure investing—all it takes is a little hard work, persistence, and the tools youll find in this handy guide.
About this product: With a foreword by Vernon L. Smith, recipient of the 2002 Nobel Prize in Economics.
The study of combinatorial auctions—auctions in which bidders can bid on combinations of items or "packages"—draws on the disciplines of economics, operations research, and computer science. This landmark collection integrates these three perspectives, offering a state-of-the art survey of developments in combinatorial auction theory and practice by leaders in the field.
Combinatorial auctions (CAs), by allowing bidders to express their preferences more fully, can lead to improved economic efficiency and greater auction revenues. However, challenges arise in both design and implementation. Combinatorial Auctions addresses each of these challenges. After describing and analyzing various CA mechanisms, the book addresses bidding languages and questions of efficiency. Possible strategies for solving the computationally intractable problem of how to compute the objective-maximizing allocation (known as the winner determination problem) are considered, as are questions of how to test alternative algorithms. The book discusses five important applications of CAs: spectrum auctions, airport takeoff and landing slots, procurement of freight transportation services, the London bus routes market, and industrial procurement. This unique collection makes recent work in CAs available to a broad audience of researchers and practitioners. The integration of work from the three disciplines underlying CAs, using a common language throughout, serves to advance the field in theory and practice.
About this product: Markets in Profile explores the confluence of three disparate philosophical frameworks: the Market Profile, behavioral finance, and neuroeconomics in order to present a unified theory of how markets work. The Market Profile is an ever-evolving, multidimensional graphic that gives visual form to the market's continuing auction process, revealing the myriad underlying dynamics that influence market activity. Behavioral finance posits that investors are driven more by emotional factors and the subjective interpretation of minutia than by "rationality" when making investment decisions. And neuroeconomics is the study of how investor psychology permeates and affects the financial markets. Mr. Dalton explicates the ways in which irrational human behavior influences the market's natural auction process, creating frequently predictable market structure, which results in opportunities for investors to ameliorate risk. The book will improve investors ability to interpret change in markets, enabling better, more confident investment decisions.
A $227.5 billion enterprise around the world, live auctions feature everything from cars to homes, fine art to coal. The only book of its kind, this guide will show how lucrative, fast-paced, and exciting this business is. It covers rules, lingo, setting up an auction, hiring professional auctioneers, and how the most popular auctions work. • 24% of U.S. consumers, or around 50 million people, spend an average of four hours at live auctions each year • Expert author: the National Association for Auctioneers • Detailed run-down of every aspect of live auctions • Resource section with auction house listings
About this product: The popularity of wine has skyrocketed in recent years. While millions of people around the world have come to appreciate both its elegance and its taste, a growing number of collectors also recognize wine as a sound investment. For these individuals, as well as for top chefs, restaurateurs, and wine enthusiasts, the wine auction has become an important place to find truly superior wines--and often at great prices! Those who are unfamiliar with these exciting events, however, may find them somewhat intimidating. Now, in The Wine Lover's Guide to Auctions, internationally renowned wine auctioneer Ursula Hermacinski removes the mystery of wine auctions by providing a clear explanation of how they work. Even the wine-auction novice can become a successful player.
The guide begins by exploring the fascinating history of wine auctions. It then provides information on wine basics and details the mechanics of the auction process--for buyers and sellers. You will meet all the players involved in these events and discover a number of insider secrets that will enable you to save time and money. Rounding out this book are helpful hints on starting--or expanding--your wine collection, choosing the best auction house for your needs, and organizing your own wine tasting.
Whether you plan to participate as a buyer or seller, The Wine Lover's Guide to Auctions will help you get the most out of your auction experience. Enjoy!
About this product: The Art of the Steal is the only book that tells the whole truth about the price-fixing scandal that rocked the auction world and put one of America's richest men behind bars. It's the story of billionaire tycoon Alfred Taubman; the most powerful woman in the art world, Dede Brooks; and the wily British executive Christopher Davidge-who cheated their clients out of millions until federal prosecutors put a stop to their high-end thievery.
Brilliantly written by Christopher Mason, it's an unprecedented look inside this secretive, glamorous industry by the only reporter with access to all the key players. From galleries and boardrooms in London, Paris, and New York to parties in Palm Beach to the courtrooms of lower Manhattan, The Art of the Steal is a fascinating, damning story of dirty dealing in the art world.
About this product: Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics.
Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these.
Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes.
Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
Sixteen famous paintings from collections around the world have been stolen and replaced with clever forgeries. Now these fake paintings, along with sixteen others, are going up for auction. After an anonymous tip, the reader has to come to the rescue! By comparing the paintings to the originals, the reader has all the clues to figure out which paintings are real and which are fakes. Including work by the world's most famous artists, this book is part mystery, part puzzle, part art reference book, and all-over fun!
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