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Putting Auction Theory to Work (Churchill Lectures in Economics) 1st Edition

by Paul Milgrom (Author)
4.3 out of 5 stars 15 ratings
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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.

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  1. ISBN-10
    0521536723
  2. ISBN-13
    978-0521536721
  3. Edition
    1st
  4. Publisher
    Cambridge University Press
  5. Publication date
    January 12, 2004
  6. Part of series
    Churchill Lectures in Economics
  7. Language
    English
  8. Dimensions
    6 x 0.99 x 9 inches
  9. Print length
    396 pages
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Editorial Reviews

Review

"Paul Milgrom has combined fundamental work in economic theory and, in particular, the theory of auctions, with extensive practical participation in the auctions of the electromagnetic spectrum. This book is a brilliant synthesis of his own and others' contributions to the field. The impact of practical problems on the need for theory is thoroughly exemplified. The exposition of the theory has that complete ease only achievable through complete mastery and intense work." Kenneth Arrow, Nobel Laureate, Stanford University

"One of the recent revolutions in economics is an understanding that markets do not automatically work well. Design matters, and the Federal Communications Commission spectrum auction design that Milgrom pioneered kicked off a new era of market design using economic theory to make real markets work better. Now, Milgrom makes the underlying ideas and theories more widely accessible--so other markets too will reap the benefits of these insights." Joseph Stiglitz, Nobel Laureate, Columbia University

"Whether you are an expert on auction theory or just a novice curious about how auction theory works, you will be in for a marvelous journey. There's no one better at capturing the essence and generality of economic ideas than Paul Milgrom. He's a master in a class of his own." Bengt Holmstrom, Massachusetts Institute of Technology

"Milgrom's ideas were critical to helping the FCC design its multi-billion dollar spectrum auctions. His thoughtful economic reasoning and attention to practical detail made the auctions successful. Whether you are seeking careful theorizing or practical insights, Milgrom's work is the first place to look." Reed Hundt, Former Chair, Federal Communications Commission

"Paul Milgrom is universally acclaimed as one of the outstanding economic theorists of our generation. He has turned auction theory into the crucial tool for modern market design. His book will be an essential resource for theorists and practitioners alike." Paul Klemperer, University of Oxford

"In Paul Milgrom's hands, auction theory has become the great culmination of game theory and economics of information. Here elegant mathematics meets practical applications and yields deep insights into the general theory of markets. Milgrom's book will be the definitive reference in auction theory for decades to come." Roger Myerson, University of Chicago

"Market design is one of the most exciting developments in contemporary economics and game theory, and who can resist a master class from one of the giants of the field?" Al Roth, Harvard University

"No one is better qualified than Paul Milgrom to give an up-to-date and lucid guide to the accomplishments of auction theory. Both rigorous and enjoyable to read, this exciting book is a must for graduate students and auction designers." Jean Tirole, Institut d'Economie Industrielle, Toulouse, France

Book Description

This book provides a comprehensive introduction to modern auction theory and its important new applications.

Product details

  • Publisher ‏ : ‎ Cambridge University Press; 1st edition (January 12, 2004)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 396 pages
  • ISBN-10 ‏ : ‎ 0521536723
  • ISBN-13 ‏ : ‎ 978-0521536721
  • Item Weight ‏ : ‎ 1.2 pounds
  • Dimensions ‏ : ‎ 6 x 0.99 x 9 inches
  • Customer Reviews:
    4.3 out of 5 stars 15 ratings

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Paul Milgrom

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4.3 out of 5 stars
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Top reviews from the United States

  • Amazon Customer
    5.0 out of 5 stars Five Stars
    Reviewed in the United States on April 3, 2017
    This is a book everyone working on auction markets should have on his or her book shelf.
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  • Marc Rock
    5.0 out of 5 stars Great book! Must Read if you are in the auction space.
    Reviewed in the United States on April 17, 2008
    This is a great book about auction theory. I read it among many others as I was doing researches for our upcoming online auction site. It is clearly a bible for the auction professional as well as a very practical tool to understand existing and diverse mechanisms.
    2 people found this helpful
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  • Brian Lan
    3.0 out of 5 stars Classic but Not Mathematically Well Presented
    Reviewed in the United States on January 1, 2021
    This book is from the Nobel laureate, Paul Milgrom. The insights are very well written. However, the mathematical formations in the book are ill presented. Notations are not consistent. Some of the important steps in the proof are omitted. So the best way to read the book is to understand the insights rather than following the math.
    4 people found this helpful
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  • L. Martinez
    4.0 out of 5 stars Two sides in the book
    Reviewed in the United States on December 23, 2009
    Verified Purchase
    I have read a few parts of the book however I see a pattern. Several chapters are descriptive and narrative with useful thoughts and idea. Simple and easy to read and follow. The majority of the chapters heavy dense math material. To benefit from it you need a solid math background and have had exposure to auctions. At least a good understanding of the basics auctions as those found in chapters of Game Theory textbooks. If this is your first book in Auction, it is not definetely a great option. Otherwise a great resource.
    6 people found this helpful
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Top reviews from other countries

  • B M
    5.0 out of 5 stars Excellent, clear explanations
    Reviewed in the United Kingdom on October 26, 2022
    Verified Purchase
    Auction theory is difficult to explain to even very sophisticated consumers. This book stands out as one of the clearest series of explanations for motivations and mechanisms to allocate resources.
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