Auction Theory and Applications
Summer 2012
Lecturer:
Lectures:
Lectures are blocked between March 5 and May 16, 2012.
Mondays 09.00-10.30 and 14.30-16.00
Wednesdays 11.00-12.30
All lectures take place in seminar room 1 Hohenstaufengasse 9, 1st. floor.
ECTS points: 8 ECTS credit points (4 hours) in the Economics Master.
Registration: Internet registration through UNIVIS until March 27. No drop out after the midterm.
Prerequisites: Game Theory, basic Statistics
Objectives: Students learn the foundations of auction theory and get a glimpse in the practical problems of auction implementation. Although some empirical and experimental work is discussed in applications, the course does not focus on the tools for empirical or experimental analysis.
Content: Introduction to the basic auction formats, revenue equivalence, optimal auctions, auctions with interdependent values, collusion, multiple object auctions, sequential sales, position auctions. Applications to internet and procurement auctions.
- Introduction
- Private value auctions - ex1
- Revenue equivalence - ex2
- Internet auctions - SR1 - Sniping and Squatting
- Mechanism design - ex3
- Interdependent values - ex4
Exams:
- Midterm SS2012 on March 28 - results.
- Final SS2012 on May 16 - results.
- Midterm SS2011
- Final SS2011
- Retake SS2011
References:
- [Main text] Vijay Krishna. Auction Theory (2nd. edition). Academic Press, 2010.
- [Add.] Paul Klemperer. Actions: Theory and Practice. Princeton University Press, 2004.
Grading: Students are expected to attend classes, work out problems, read complementary materials on their own, and actively participate in class discussions. The final grade will be an average of the grades in a midterm (50%) and a final (50%). Homework assignments can improve the final grade up to 20%.