Auctions have been commonplace since antiquity. In recent times, auctions often have been used to sell a variety of agricultural commodities and natural resources, while sealed-bid tenders (an auction format) continue to be used extensively by both firms and governments to procure a variety of goods and services. Moreover, companies like eBay are integral parts of the global economy. This subject is designed to introduce students to the important auction formats and pricing rules and to help them understand the basic economic theory used to analyse these institutions. Empirical evidence and practical examples will be used throughout. -- Course Website
Prerequisites: The following: Subject Study Period Commencement: Credit Points: ECON20002 Intermediate Microeconomics Summer Term, Semester 1 12.50
