The book elaborates the basic principles of Auction Theory in a non-technical language so as to make them easily accessible to even those not trained in the discipline. Auctions as allocation mechanisms have been in use across the world since antiquity and are still employed in different countries for purchase and sales of a wide range of objects, both by governments and by private agents. Auction has gained popularity over other allocation mechanisms since the rules of auctions are very precise, involve much less subjective judgements compared to other alternative allocation mechanisms and lead to a more efficient process of discovering the true willingness of the buyers to pay. Moreover, the principles of Auction Theory are used in other contexts, for example in designing contests, or in controlling emission levels through allocation of permits and licenses.
1. What are uctions and what is Auction Theory? 2. Why study Auction Theory? 3. The economics behind auctions 4. Some standard results in Auction Theory 5. Auctions: some real-life experiences 6. Auctions in India 7. Other applications of Auction Theory
The aim of this Focus series is to present the reader with a number of short volumes which deal with important managerial issues in the Indian context. Volumes in the series will cover topics which are of perennial interest to managers, like corporate governance and strategic change and transformation as well as emerging areas of research like neuro-marketing. Established areas of research like bottom-of-the-pyramid marketing will be dealt with specifically in the Indian context. CEOs today also need to be familiar with critical developments in other fields, like auction theory. In other words, the Focus series is designed to introduce management theorists and researchers (as well as the lay public) to a diverse set of topics relevant directly or peripherally to management in a short, readable format, without sacrificing basic rigour and set in the Indian context.