IntrotoAuctions

IntrotoAuctions - R U T C O R RESEARCH R E P O R T AN...

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R U T C O R R E S E A R C H R E P O R T RUTCOR Rutgers Center for Operations Research Rutgers University 640 Bartholomew Road Piscataway, New Jersey 08854-8003 Telephone: 732-445-3804 Telefax: 732-445-5472 Email: rrr@rutcor.rutgers.edu http://rutcor.rutgers.edu/~rrr A N E LEMENTARY I NTRODUCTION TO A UCTIONS Michael H. Rothkopf and Sunju Park a RRR 2-2001, J ANUARY , 2001 a Faculty of Management and RUTCOR, Rutgers, the State University of New Jersey, 640 Bartholomew Road Piscataway, NJ 08854-8003.
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RUTCOR RESEARCH REPORT RRR 2-2001, JANUARY, 2001 A N E LEMENTARY I NTRODUCTION TO A UCTIONS Michael H. Rothkopf and Sunju Park Abstract. This paper introduces the questions an auction designer must face and the different academic disciplines that have had something to say about auctions. The first part of the paper discuses the questions that someone deciding to hold an auction must answer, points out their possible significance, and mentions some of the kinds of answers that have been used. The second part of the paper describes the history of the academic disciplines that have studied auctions and the kinds of concerns and approaches that they have used.
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RRR 2-2001 P AGE 1 1 Introduction Because of deregulation and the rise of the Internet, many people who have had little to do with auctions are trying to figure out auction related issues. The purpose of this paper is to introduce such people to the questions an auction designer must face and to the different academic disciplines that have had something to say about auctions. This paper is not a survey of the academic literature (although it references some surveys) and it does not develop any auction theory. Rather, it is an attempt to put thinking about auctions into context. The first part of the paper is a discussion of the questions that someone deciding to hold an auction must answer. It doesn’t try to answer them, but it does point out their possible significance and mention some of the kinds of answers that have been used. The second part of the paper describes the different academic disciplines that have dealt with auctions. It describes the history of their involvement and the kinds of concerns and approaches that they have used. 2 What Decisions Define an Auction? When someone has decided to hold an auction, they have already rejected a number of important alternatives to auctions. They are not going to post a price and wait for someone to come and buy. They are not going to negotiate. They are not going to hold an unstructured Request For Proposal (RFP) process. They are not going to hold a lottery. (Shubik 1970 has a discussion of additional alternatives to auctions.) Deciding to hold an auction means deciding on a relatively formal process for a sale or purchase. 2.1
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IntrotoAuctions - R U T C O R RESEARCH R E P O R T AN...

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