text ideal for upper undergraduate and graduate students. The book begins with a discussion of second-price auctions, which …-price auctions, all-pay auctions, third-price auctions, the Revenue Equivalence principle, common-value auctions, multi-unit auctions …, and procurement auctions. Exercises in each chapter are ranked according to their difficulty, with a letter (A-C) next to …

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 …