| Date |
Main Topic ... Reading |
Assignments |
| Tue, Feb 3 |
1
course goals, methodologies, common auction forms |
|
| Thu, Feb 5 |
history, theoretical setup, variants of the English auction, dominant strategies
Vickrey61
exp 1
|
|
| Tue, Feb 10 |
2
Vickrey auctions, first-price and Dutch auctions, the four basic forms
exp 2
|
|
| Thu, Feb 12 |
mail-bid sales, evolution to eBay, ending rules
Buy-or-Bid
Terms of Sale
exp 3
|
|
| Tue, Feb 17 |
3
simplest rev. equiv.
quick intro. probability
order statistics
|
Ass. 1 due |
| Thu, Feb 19 |
revenue equiv. w. uniform values
intro. to empirical work:
Shohat-Musch03
LR99 (testing RE)
exp 4
|
|
| Tue, Feb 24 |
4
FP equil: bid space
Maple code
check FP montonicity
eBay's algorithm
law suit
eBay observed
exp 5
|
|
| Thu, Feb 26 |
FP equil: value space
Katkar-LR00 (reserves on eBay)
all-pay auction, rev. equiv. w. uniform v's
exp 6
|
Ass. 2 due |
| Tue, Mar 3 |
5
third-price auctions
all-pay auctions
SP, FP revenue; more general rev. equiv.
exp 7
|
|
| Thu, Mar 5 |
to snipe or not to snipe: information revelation, implicit collusion,
endowment effect, field evidence
anonymity policy
exp 8
|
Ass. 3 due
|
| Tue, Mar 10 |
6
discuss Ass. 3
sniping, con't
conditional expectation, stronger rev. equiv., graphical interpretation
|
|
| Thu, Mar 12 |
preference revelation
optimal auctions:
Riley-Samuelson81
marginal revenue, interpretation
tourn. SP1
|
|
| Tue, Mar 17 |
No class - spring break
cartoon
March madness
|
|
| Thu, Mar 19 |
No class - spring break
what happens to bad emperors
|
|
| Tue, Mar 24 |
7
term papers
field test of RE on eBay:
Hossain-Morgan04
1-sided binomial test
tourn. SP2
|
|
| Thu, Mar 26 |
optimal reserve in RS81 auctions
field test of FP reserve pre-eBay:
LR00
|
Ass. 4 due |
| Tue, Mar 31 |
8
all-pay with res.
other auctions:
Sad-losers; Santa-Claus; price-match
tourn. FPR1
|
|
| Thu, Apr 2 |
other auctions (con't),
risk aversion
discuss Ass. 4
tourn. FPR2
|
|
| Tue, Apr 7 |
9
auctions w. asymm. bidders:
Myerson81,
BR89
revelation principle
optimal mechanisms
throwing good money
|
|
| Thu, Apr 9 |
laboratory evidence
spite: MSR03
evolution:
MS03
|
Ass. 5 due |
| Tue, Apr 14 |
10
Winner's Curse
common values
Wilson69
CCC71
discuss Ass. 5
tourn. SP3way1
|
|
| Thu, Apr 16 |
discuss term paper proposals
affiliated values, linkage principle, rev. ranking:
Milgrom-Weber82
tourn. SP3way2
|
TP proposal due |
| Tue, Apr 21 |
11
intro to multi-unit auctions, demand reduction, VCG mechanism
M01,
AC98
:: notes
|
|
| Thu, Apr 23 |
multi-item, VCG in combinatorial auctions, complexity
beauty contest:
Nagel95
|
|
| Tue, Apr 28 |
12
bidder collusion:
FCC spectrum auctions
rings:
Graham-Marshall87
:: notes
shills
|
|
| Thu, Apr 30 |
impossibility of efficient bilateral trade:
MS83
:: notes
auctions v. negotiations:
Bulow-Klemperer96
:: notes
|
Ass. 6 due |
| |
price bubbles in the lab:
Porter-Smith 03
rational frenzies:
Bulow-Klemperer94
:: notes
agent-based simulation
SPC
|
|
| Tue, May 12 |
Dean's date |
Paper due 5pm |
