Understanding Auctions
In recent years, auctions have become an important field and many markets have designed new and sophisticated auction models to assign different types of items. The prime goal of this book is to set an organized classification of the main auction mechanis
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Asunción Mochón Yago Sáez
Understanding Auctions
Springer Texts in Business and Economics
More information about this series at http://www.springer.com/series/10099
Asunción Mochón • Yago Sáez
Understanding Auctions
123
Asunción Mochón Department of Applied Economics and Economic History UNED University Madrid Spain
Yago Sáez Department of Computer Science Artificial Intelligence University Carlos III of Madrid Leganés - Madrid Spain
ISSN 2192-4333 ISSN 2192-4341 (electronic) ISBN 978-3-319-08812-9 ISBN 978-3-319-08813-6 (eBook) DOI 10.1007/978-3-319-08813-6 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014949799 © Springer International Publishing Switzerland 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
To the bidder in a traditional ascending auction-the sort conducted by major auction houses like Sothebys and Christies and online by eBay-deciding how to bid might seem like a simple affair. If a bidder is interested in just one particular item and knows the maximum price he or she is willing to pay, then bidding strategy can be pretty simple: buy the item if the price does not rise above that maximum. Looking deeper, though, matters quickly get complicated for both the bidder and the auction
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