Elgar original reference
Edited by Manfred Neumann and Jürgen Weigand
Auctions have long been used in order to sell or procure goods or services. Since the pioneering work by William Vickrey on auctions (Vickrey, 1961, 1962), which resulted in his winning the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1996, auction theory has also been an extraordinarily active research area in microeconomics. Spurred by the successes of the auctioning of telecommunication licenses in the United States in the beginning of the 1990s, applying theoretical concepts to real-life problems has become a new research field called market design. In 2012, Alvin E. Roth and Lloyd S. Shapley received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel “for the theory of stable allocations and the practice of market design” (nobelprize.org). Competition authorities have also begun considering the particular features of auctions when assessing market power or in their analyses of mergers. For instance, the Organisation for Economic Co-operation and Development (OECD) held a roundtable on competition in bidding markets in October 2006.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.