Applying a Market Engineering approach, this book introduces a model of an auction with a posted price offer, and investigates the characteristics of such mechanisms. It discusses the respective equilibrium strategies of sellers and the bidders, providing useful insight into actual behavior. The theoretic results are compared with strategies of students in a controlled experiment. The experimental observations expose shortcomings of standard economic theories and help to further improve electronic markets.
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Applying a Market Engineering approach, this book introduces a model of an auction with a posted price offer, and investigates the characteristics of such mechanisms. It discusses the respective equilibrium strategies of sellers and the bidders, providing useful insight into actual behavior. The theoretic results are compared with strategies of students in a controlled experiment. The experimental observations expose shortcomings of standard economic theories and help to further improve electronic markets.
Imprint | Springer-Verlag |
Country of origin | Germany |
Series | Lecture Notes in Economics and Mathematical Systems, 580 |
Release date | August 2006 |
Availability | Expected to ship within 10 - 15 working days |
First published | 2006 |
Authors | Stefan Seifert |
Dimensions | 235 x 155 x 11mm (L x W x T) |
Format | Paperback |
Pages | 184 |
Edition | 2006 ed. |
ISBN-13 | 978-3-540-35265-5 |
Barcode | 9783540352655 |
Categories | |
LSN | 3-540-35265-1 |