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Auctions play a crucial role in the allocation of resources in many industries. This selection of topics and papers should be of help to the student, researcher and economic practitioner, offering comprehensive reference material. Topics include risk aversion, correlation/affiliation and bidders.

Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics.

Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful...