Game Theory Bargaining and Auction Strategies Practical Examples fro
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 collectio
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Game Theory Bargaining and Auction Strategies Practical Examples from Internet Auctions to Investment Banking Gregor Berz Second Edition
© Gregor Berz, 2007, 2015 Foreword © Prof. Manfred J. Holler, 2015 Softcover reprint of the hardcover 1st edition 2015 978-1-137-47541-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published in 2007 Second edition published 2015 by PALGRAVE MACMILLAN Original German language edition: Gregor Berz: Spieltheoretische Verhandlungs – und Auktionsstrategien. Mit Praxisbeispielen von Internetauktionen bis Investmentbanking. 2 Auflage (ISBN: 978–3–7910–3343–3) published by Schäffer-Poeschel Verlang für Wirtschaft, Steuern und Recht GmbH Stuttgart, Germany. Copyright ©2014. Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries ISBN 978-1-349-69293-4 ISBN 978-1-137-47542-8 (eBook) DOI 10.1057/9781137475428
A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. Transferred to Digital Printing in 2014
Contents List of Figures
viii
Preface to the first edition
x
Preface to the second edition
xii
Foreword to the second edition Prof. Manfred J. Holler
xiv
Introduction
1 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
7 7 10 14 16 18 22 24
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 auction 2.5 The Dutch auction 2.6 Summary
26 26 30 33 35 38 41
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
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