DescriptionAuctions have been around for centuries and are becoming ever more important. There are many designs for auctions, and there is substantial theory for optimising strategy. In this project, you will start with a study of basic properties of auctions. This can be followed in a variety of ways, including focus on a specific type of auction or application (area), you may even attempt to answer new questions about auctions. Auction strategies are typically based on a person's utilities, and subjective knowledge about likely behaviour of other bidders is important as well. Auction theory is mostly part of Bayesian decision theory, with for example interesting game theoretic aspects.PrerequisitesDecision Theory IIIReferencesThe book `An Introduction to Auction Theory' by Flavio Menezes and Paulo Monteiro (OUP, 2004) is an outstanding text on this topic. Paul Klemperer is a leading authority in this topic area, and has useful information available from his webpage, including an online book `Auctions: Theory and Practice'. Of course, Wikipedia and internet searches give you a wealth of further information about this topic.Please feel free to contact me - best by email |
email: Frank Coolen