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Auctions and Bidding (ECON30026)
Undergraduate level 3Points: 12.5Not available in 2017
Overview
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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.
Intended learning outcomes
On successful completion of this subject students should be able to:
- identify the different auctions formats and pricing rules;
- identify the components of a game;
- describe different informational paradigms in auction theory;
- characterise the equilibria in auctions games;
- describe important empirical regularities in auctions;
- identify phenomena in the real-world that can be investigated using auction theory;
- collect and analyse data from actual auctions;
- decide whether particular auctions are achieving the stated goals;
- propose ways in which existing auctions might be improved.
Generic skills
- High level of development: written communication; application of theory to practice; critical thinking; synthesis of data and other information; evaluation of data and other information;
- moderate level of development: oral communication; problem solving; interpretation and analysis; accessing data and other information from a range of sources; receptiveness to alternative ideas;
- some level of development: collaborative learning; team work; statistical reasoning; use of computer software.
Last updated: 11 April 2024