This textbook provides a short introduction to auction theory through exercises with detailed answer keys. Focusing on practical examples, this textbook offers over 80 exercises that predict bidders’ equilibrium behaviour in different auction formats, along with the seller’s strategic...

What are auctions and what is auction theory? -- Why study auction theory? -- The economics behind auctions -- Some standard results in auction theory -- Auctions: some real-life experiences -- Auctions in India -- Other applications of auction theory.