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This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.

This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.

Traditional economics focuses on hypothetical markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of

Chris Claremont made the X-Men a global sensation and the Marvel Masterworks are once again proud to present his tales of honor, prejudice, evolution and perseverance. It begins with Wolverine's retur

It’s clobberin’ time as the Fantastic Four’s ever-lovin’, blue-eyed idol o’ millions goes solo! Join the Thing as he takes on all comers ― including the Inhumans, Wonder Man, She-Hulk and Spider-Man! But after the Secret Wars, the Thing seeks a new life on Battleworld…as Rocky Grimm, Space Ranger! It’s action and adventure, mayhem and monsters, love and loss ― but is the Thing ready for what awaits him back home? And we don’t just mean the Unlimited Class Wrestling Federation! Plus, a wild Thing/Hulk team-up ― and more classic tales of bashful Benjamin J. Grimm!COLLECTING: Thing (1983) 1-36; Fantastic Four (1961) 274, 277, 296; Secret Wars II (1985) 7; West Coast Avengers (1985) 10; Questprobe (1984) 3; Marvel Tales (1964) 198; Marvel Graphic Novel: Hulk & Thing - The Big Change (1987); material from Marvel Fanfare (1982) 15, Marvel Super-Heroes (1990) 5