Advances in Auctions

Todd R. Kaplan
Shmuel Zamir

As a selling mechanism, auctions have acquired a central position in the free market econ-omy all over the globe. This development has deepened, broadened, and expanded the theory of auctions in new directions. This chapter is intended as a selective update of some of the developments and applications of auction theory in the two decades since Wilson (1992) wrote the previous Handbook chapter on this topic.

March, 2014
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This paper is a chapter in the forthcoming Handbook of Game Theory, Volume 4, edited by Peyton Young and Shmuel Zamir, Elsevier (2014).