Game Theory Bargaining and Auction Strategies [electronic resource] : Practical Examples from Internet Auctions to Investment Banking /
Berz, Gregor.author.
This text bridges the gulf between theoretical economic principles of negotiation and auction theory and their multifaceted applications in actual practice. It is intended to be a supplement to the already existing literature, as a comprehensive collection of reports detailing experiences and results of very different negotiations and auctions.
Cover ; Half-Title; Title; Copyright; Contents; List of Figures; Preface to the first edition; Preface to the second edition; Foreword to the second edition; Introduction; Part I Negotiation and Auction Forms; 1 Bilateral Negotiations; 1.1 The pie and the competition argument; 1.2 Meet halfway; 1.3 The sealed exchange of bids; 1.4 "I cut - you choose"; 1.5 Negotiation judo; 1.6 The ultimatum game; 1.7 Summary; 2 Auctions; 2.1 Sale and purchasing auctions - the differences; 2.2 The English auction; 2.3 The second-price-sealed-bid auction (Vickrey auction)
2.4 The first-price-sealed-bid auction2.5 The Dutch auction; 2.6 Summary; 3 Negotiations for Several Objects; 3.1 Simultaneous and sequential negotiations; 3.2 Combinatorial auctions; 3.3 The Dutch multi-object auction; 3.4 Tender auctions; 3.5 Summary; Part II Rational Negotiation Strategies; 4 Basic Principles of Game and Bargaining Theory; 4.1 The prisoner's dilemma; 4.2 One-shot games and repeated games; 4.3 Split the benefits?; 4.4 Summary; 5 Rational Bidding Strategies; 5.1 Bidding in an English auction; 5.2 Bidding in a second-price-sealed-bid auction
5.3 Bidding in a first-price-sealed-bid auction5.4 Bidding in a Dutch auction; 5.5 Bidding in a sealed exchange of bids; 5.6 Bidding in an ultimatum game; 5.7 Summary; 6 Winner's Curse in an Auction; 6.1 Auction objects with "common value" or "private value"; 6.2 Avoid winner's curse?; 6.3 The English ticker auction; 6.4 Summary; Part III Auction Designs; 7 Selection of an Auction Form; 7.1 The balance between first- and second-price auctions; 7.2 Hybrid negotiation forms; 7.3 The exposure problem; 7.4 Entry barriers for bidders; 7.5 The reservation price and other focal points; 7.6 Summary
8 Disruptive Factors in Auctions8.1 Strategic demand reduction; 8.2 Signaling games among bidders; 8.3 The best way to deal with cartels; 8.4 Summary; Part IV Prerequisites for Real Auctions; 9 The Comparability of Alternatives using the Bonus System; 9.1 Bonus and malus as correction factors; 9.2 Systematizing internal negotiations; 9.3 Systematizing external negotiations; 9.4 Creating incentives for innovation; 9.5 Summary; 10 The Commitment of Negotiation Processes; 10.1 Lack of commitment costs money; 10.2 Who wants to bid against himself?; 10.3 Negotiations with subcontractors
10.4 The game with lack of commitment10.5 A plea for long-term decisions; 10.6 Summary; Appendix; Notes; Bibliography; Index
Original German language edition published as: Spieltheoretische Verhandlungs - und Auktionsstrategien, by Schèaffer-Poeschel Verlag, 2014.
First edition published in German, 2007.
Includes bibliographical references and index.
This text bridges the gulf between theoretical economic principles of negotiation and auction theory and their multifaceted applications in actual practice. It is intended to be a supplement to the already existing literature, as a comprehensive collection of reports detailing experiences and results of very different negotiations and auctions.
Behavioral economics.
Economic policy.
Economic theory.
Operations research.
Decision making.
Macroeconomics.
Political economy.
Behavioral/Experimental Economics.
Economic Policy.
Economic Theory/Quantitative Economics/Mathematical Methods.
Operations Research/Decision Theory.
Macroeconomics/Monetary Economics//Financial Economics.
International Political Economy.