| Date |
Main Topic ... Reading |
Assignments |
| Tue, Feb 5 |
1
course goals, methodologies, common auction forms |
|
| Thu, Feb 7 |
history, theoretical setup, variants of the English auction, dominant strategies
Vickrey61
exp 1
|
|
| Tue, Feb 12 |
2
Vickrey auctions, first-price and Dutch auctions, the four basic forms
exp 2
|
|
| Thu, Feb 14 |
mail-bid sales, evolution to eBay, closing rules
Terms of Sale
|
Ass. 1 due |
| Tue, Feb 19 |
3
probability, revenue equiv I
current mail-bid sale
exp 3
|
|
| Thu, Feb 21 |
empirical work:
Shohat-Musch03
Order statistics
exp 4
|
|
| Tue, Feb 26 |
4
third-price auctions
SP, FP revenue, RE I
LR99 (testing RE)
|
|
| Thu, Feb 28 |
FP equil
eBay observed
exp 5
|
Ass. 2 due |
| Tue, Mar 4 |
5
shills
eBay's alg., details
FP equil in value space
Katkar-LR00 (reserves on eBay)
exp 6
maple code
|
|
| Thu, Mar 6 |
all-pay auction, equil
early/late bidding, ending rules, implicit collusion:
Roth-Ockenfels 02
06
anonymity policy
|
Ass. 3 due
|
| Tue, Mar 11 |
6
discuss Ass. 3
early/late bidding (con't)
exp 7
3 bidders
|
|
| Thu, Mar 13 |
cost of discovery:
Rasmusen03
RE II
exp 8
|
|
| Tue, Mar 18 |
No class - spring break
cartoon
bracket
|
|
| Thu, Mar 20 |
No class - spring break
what happens to bad emperors
|
|
| Tue, Mar 25 |
7
cond. exp.
RE III
graphical interp.
pref. revelation
|
|
| Thu, Mar 27 |
entry value:
Hossain-Morgan04 (test of RE)
SP1:wins
matrix
|
Ass. 4 due |
| Tue, Apr 1 |
8
discuss Ass. 4
hypoth. testing
SP2:wins
matrix
|
|
| Thu, Apr 3 |
RE IV: Riley-Samuelson81
LR00
RS 81 (con't): equil with res.
FPR1:wins
matrix
|
|
| Tue, Apr 8 |
9
opt. res.
all-pay with res.
FPR2:wins
matrix
| |
| Thu, Apr 10 |
Sad-losers; Santa-Claus; price-match
risk aversion
SP3way1
|
Ass. 5 due |
| Tue, Apr 15 |
10
discuss Ass. 5
term papers
SP3way2
|
|
| Thu, Apr 17 |
revelation principle
opt. auctions w. asymm. bidders:
Myerson81,
BR89
rev. of lab. exps.
KL93 (3rd-price)
|
|
| Tue, Apr 22 |
11
Bidding for Paramount
Winner's Curse
Wilson69
CCC71
common-value model
|
|
| con't |
affiliated values, linkage principle, revenue ranking:
Milgrom-Weber82
|
|
| Thu, Apr 24 |
guest lecture: Glen Weyl
"Behavioral Auction Theory"
|
|
| Tue, Apr 29 |
12
multi-unit auctions:
M01,
AC98
:: notes
VCG mechanisms
impossibility of efficient bilateral trade
MS83
:: notes
|
|
| Thu, May 1 |
discuss Ass. 6
auctions v. negotiations:
Bulow-Klemperer96
:: notes
Cassady on shills & bidder rings
Graham-Marshall87
:: notes
|
Ass. 6 due |
| con't |
spite: MSR03
evolution:
MS03
price bubbles in the laboratory:
Porter-Smith 03
|
|
| con't |
rational frenzies: Bulow-Klemperer94
:: notes;
agent-based simulation
:: notes
Mizuta-Steiglitz00
... out of time
|
|
| Tue, May 13 |
Dean's date |
Paper due |
