Transcription of Chapter 9 Auctions
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Chapter 9 Auctions
Chapter 9 AuctionsFrom the bookNetworks, Crowds, and Markets: Reasoning about a Highly Connected David Easley and Jon Kleinberg. Cambridge University Press, preprint on-line at Chapter 8, we considered a first extended application of game-theoretic ideas, in ouranalysis of traffic flow through a network. Here we consider a second major application the behavior of buyers and sellers in an auction is a kind of economic activity that has been brought into many people severyday lives by the Internet, through sites such as eBay. But Auctions also have a longhistory that spans many different domains. For example, the government uses auctionsto sell Treasury bills and timber and oil leases; Christie s and Sotheby s use them to sell art;and Morrell & Co.
Yahoo!, and Microsoft use an auction format to sell advertising rights for keywords. 9.1 Types of Auctions In this chapter we focus on different simple types of auctions, and how they promote different kinds of behavior among bidders. We’ll consider the case of a seller auctioning one item to a set of buyers.
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