Professor Garratt Economics 177 Auctions MW 11:00-12:15, 387 103 www.econ.ucsb.edu/~garratt/Econ177 Auctions have been used to allocate goods for thousands of years, but in the past 25 years there has been a surge in popularity. Auctions are now routinely used to sell spectrum rights, pollution rights, for privatization schemes, to finance the national debt, and to trade goods over the Internet. In this course we will study the standard auction mechanisms. Our goal will be to gain insight into how the rules of the auction influence bidding behavior and hence outcomes both in theory and in practice. This will help you to understand why different auction mechanisms are used in different circumstances. It might also help you to bid more successfully (or at least more wisely) in auctions that you participate in down the road. Text Lecture notes will be provided for Econ 177 students on the course website. Schedule
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