A Theory of Auctions and Competitive Bidding

1982/09/01 by Paul R. Milgrom, Paul Milgrom, Robert J. Weber · 47 citations
Decision Sciences · Business, Management and Accounting · Economics, Econometrics and Finance · #Auction Theory and Applications #Consumer Market Behavior and Pricing #Game Theory and Voting Systems

paper · doi:10.2307/1911865

Abstract

Abstract : In Section 2, we review some important results of the received auction theory, introduce a new general auction model, and summarize the results of our analysis. Section 3 contains a formal statement of our model, and develops the properties of affiliated random variables. The various theorems are presented in Sections 4-8. In Section 9, we offer our views on the current state of auction theory. Following Section 9 is a technical appendix dealing with affiliated random variables.

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