Discussion Papers

COS 444, Spring 2009

P. R. Milgrom and R. J. Weber, "Theory of auctions and competitive bidding,"
  Econometrica, vol. 50, no. 5, Sept. 1982, pp. 1089-1122.
  (Revenue ranking outside the IPV case. Importance of information on revenues.)

T. Hossain and J. Morgan, "A test of the revenue equivalence theorem using field experiments on eBay", working paper, Princeton University and UC Berkeley, 2004.

L. M. Ausubel and P. Cramton, "Demand reduction and inefficiency in multi-unit auctions,"
  JEL No. D44, March 20, 1998, Department of Economics, University of Maryland.
  (Demand reduction and inefficiency in uniform price auctions.)

W. Pesendorfer and J. Swinkels, "Efficiency and Information Aggregation in Auctions"
  American Economic Review, vol. 90, no. 3, June 2000, pages 499-525.
  (Shows that the efficiency concerns identified in Ausubel and Cramton may not matter in the limit.)

T. von Ungern-Sternberg, "Cartel Stability in Sealed Bid Second price Auctions,"
  J. Industrial Economics, vol. 36, no. 3, March 1988, pp. 351-358.

M. H. Rothkpof, T. J. Teisberg, E. P. Kahn, "Why are Vickrey Auctions Rare?"
  J. Political Economy, vol. 98, no. 1, 1990, pp. 94-109.

T. Sandholm, "Limitations of the Vickrey Auction in Computational Multiagent Systems,"
  Proc. Second Int. Conf. on Multiagent Systems (ICMAS-96),
  Keihanna Plaza, Kyoto, Japan, Dec. 1996, pp. 299-306.

D. Friedman and J. Rust, Preface of
  The Double Auction Market: Institutions, Theories, and Evidence,
  D. Friedman and J. Rust (eds.), Addison-Wesley, 1993.

D. Friedman, "The Double Auction Market Institution: A Survey," Chapter 1 in
  The Double Auction Market: Institutions, Theories, and Evidence,
  D. Friedman and J. Rust (eds.), Addison-Wesley, 1993.

J. Rust, J. H. Miller, and R. Palmer,
  "Behavior of Trading Automata in a Computerized Double Auction Market," Chapter 6 in
  The Double Auction Market: Institutions, Theories, and Evidence,
  D. Friedman and J. Rust (eds.), Addison-Wesley, 1993.

S. M. de Oliveira, P. M. C. de Oliveira, and D. Stauffer, "Microscopic Market Simulations,"
  Chapter 4. in Evolution, Money, War, and Computers: Non-traditional Applications of
  Computational Physics
, B. G. Teubner, Stuttgart, 1999.

W. J. Baumol, "Speculation, Profitability, and Stability,"
  Review of Economics and Statistics, vol. 39, no. 3, 1957, pp. 263-271.

L. G. Telser, "A Theory of Speculation Relating Profitability and Stability,"
  The Review of Economics and Statistics, Vol. 41, No. 3, Aug. 1959, pp. 295-301.

W. J. Baumol, Reply to the above
  The Review of Economics and Statistics, Vol. 41, No. 3, Aug. 1959, pp. 301-2.

A. W. Williams and V. L. Smith,
  "Cyclical Double-Auction Markets with and without Speculators,"
  J. Business, vol. 57, no. 1, pt. 1, 1984, pp. 1-33.

J. B. De Long, A. Schleifer, L. H. Summers, and R. J. Waldmann,
  "Positive Feedback Investment Strategies and Destablizing Rational Speculation,"
  J. Finance, vol. 45, no. 2, June 1990, pp. 379-395.

D. P. Porter and V. L. Smith,
  "Stock Market Bubbles in the Laboratory,"
  J. Appl. Mathematical Finance, vol. 1, 1994, pp. 112-127.

G. Caginalp and D. Balenovich,
  "Market Oscillations Induced by the Competition between
  Value-Based and Trend-Based Investment Strategies,"
  Applied Mathematical Finance, vol. 1, 1994, pp. 129-164.

M. Levy, N. Oersky, and S. Solomon,
  "The Complex Dynamics of a Simple Stock Market Model,"
  Racah Institute of Physics, Hebrew University, Jerusalem, Israel, July 1995.

M. Youssefmir, B. A. Huberman, and T. Hogg,
  "Bubbles and Market Crashes,"
  Technical Report, Xerox Palo Alto Research Group, 1996.

J. Andreoni and J. H. Miller,
  "Auctions with Artificial Agents,"
  Games and Economic Behavior, vol. 10, 1995, pp. 39-64.

A. Greenwald, J. O. Kephart and G. J. Tesauro, "Strategic Pricebot Dynamics," to appear in Proceedings of ACM Conference on
  Electronic Commerce (EC '99)
, Denver, November 3-5, 1999.

P. Kollock, "The Production of Trust in Online Markets"
  Final version to appear in: Advances in Group Processes (Vol. 16), edited by E. J. Lawler,
  M. Macy, S. Thyne, and H. A. Walker. Greenwich, CT: JAI Press. 1999.

D. Lucking-Reiley, "Using field experiments to test revenue equivalence between auction formats: Magic on the internet," American Economic Revue, vol. 89, no. 5, pp. 1063-80, December 1999.

D. Lucking-Reiley, "Auctions on the Internet: What's being Auctioned, and How?"
  Working Paper, Vanderbilt University, Aug. 14, 1999.

D. Lucking-Reiley, "Vickrey Auctions Predate Vickrey,"
  forthcoming, J. Economic Perspectives.

D. Lucking-Reiley, D. Bryan, N. Prasad, and D. Reeves, "Pennies from eBay: the Determinants of
  Price in Online Auctions,"
Working Paper, Vanderbilt University, Jan. 2000.

J. A. List and D. Lucking-Reiley, "Demand Reduction in Multi-Unit Auctions:
  Evidence from a Sportscard Field Experiment,"

  forthcoming, American Economic Review.

M. Youssefmir and B. A. Huberman, "Clustered Volatility in Multiagent Dynamics,"
  J. Economic Behavior and Organization, vol. 32, no. 1, pp. 101-118, Jan. 1997.

B. LeBaron, and W. B. Arthur, and R. Palmer,
  "Time Series Properties of an Artificial Stock Market,"
  J. Economic Dynamics and Control, vol. 23, 1487-1516, 1999.

J. K. Goeree and J. L. Turner, "How (Not) to Raise Money,"
  Working Paper, Dept, of Economics, University of Virginia, 2002.

R. Nagel, "Unraveling in guessing games: An experimental study,"
  The American Economic Review, vol. 85, no. 5, Dec. 1995, pp. 1313-1326.

J. Duffy and R. Nagel, "On the robustness of behaviour in experimental `beauty contest' games,"
  The Economic Journal, vol. 107, Nov. 1997, pp. 1684-1700.

A. Ockenfels and A. E. Roth, "Late and multiple bidding in second price internet auctions: Theory and evidence concerning different rules for ending and auction,"
  Games and Economic Behavior, to appear.

A. E. Roth and A. Ockenfels, "Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon on the Internet," American Economic Review, September 2002, 92(4), 1093-1103.

E. Rasmusen, "Strategic implications of uncertainty over one's own private value in auctions," Jan. 26. 2003. Working paper, Indiana University.

R. Wilson, "A bidding model of perfect competition," The Review of Economic Studies, vol. 44, no. 3 (Oct. 1977), pp. 511-518.

D. Lucking-Reiley, "Field experiments on the effects of reserve prices on the internet: More Magic on the internet," Working paper, Department of Economics, Vanderbilt University, this version Dec. 28, 2000.

C. A. Holt and R.Sherman, "Risk aversion and the winner's curse," Working paper, Department of Economics, University of Virginia this version April 2000.

T. Groves and J. Ledyard, "Optimal Allocation of Public Goods: A Solution to the "Free Rider" Problem," Econometrica, Vol. 45, No. 4. (May, 1977), pp. 783-810.

A. Sen, "Markets and Freedoms: Achievements and Limitations of the Market Mechanism in Promoting Individual Freedoms," Oxford Economic Papers, New Series, Vol. 45, No. 4. (Oct., 1993), pp. 519-541.

L. M. Ausubel and P. Cramton, "Demand reduction and inefficiency in multi-unit auctions," Working Paper, University of Maryland, March 20, 1998.

P. Klemperer, "Auction Theory: A guide to the literature," May 1999, published in J. Economic Surveys, vol. 13(3), July 1999, pp. 227-286.

P. Klemperer, "Why every economist should learn some auction theory," Advances in Economics and Econometrics: Theory and Applications, M. Dewatripont, L. Hansen, and S. Turnovsky (eds.), Cambridge University Press, 2003, vol. 1, pp. 25-55.

E. Katok and A. M. Kwasnica, "Time is Money: The effect of clock speed on seller's revenue in Dutch auctions," Working Paper, MS&IS Department, Penn State University, University Park, PA 16802, May 14, 2002.

J. H. Kagel and D. Levin, "Independent Private Value Auctions: Bidder Behaviour in First-, Second- and Third-Price Auctions with Varying Numbers of Bidders," The Economic Journal, vol. 103 (419), July 1993, pp. 868-879.

V. Krishna and J. Morgan, "An Analysis of the War of Attrition and the All-Pay Auction," J. Economic Theory, vol. 72, pp. 343-362, 1997.

S. Chawla, J.D. Hartline, R. Kleinberg, "Algorithmic Pricing via Virtual Valuations," Proceedings of the 8th ACM Conference on Electronic Commerce (EC 2007), pp. 243-251.

C. Dellarocas and C.A. Wood, "The sound of silence in online feedback: Estimating trading risks in the presence of reporting bias," Management Science, forthcoming.

Books

J. McMillan, Reinventing the Bazaar: A Natural History of Markets, W. W. Norton & Company, New York, 2002; see especially Chapter 6, "To the Best Bidder."

Bibliographies

Agorics.com Technical Library, Auction Bibliography.

"Y2K Bibliography of Experimental Economics and Social Science Asymmetric Information,"
C. A. Holt, Dept. of Economics, University of Virginia.

"Generalized Knapsack Solvers for Multi-Unit Combinatorial Auctions: Analysis and Application to Computational Resource Allocation,"
T. Kelly, HP Labs Tech. report HPL-2004-21, Palo Alto, CA.