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Few forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. John Kagel and Dan Levin, complementing their own distinguished research with papers written with other specialists, provide a new focus on common value auctions and the "winner's curse." In such auctions the value of each item is about the same to all bidders, but different bidders have different information about the underlying value. Virtually all auctions have a common value element; among the burgeoning modern-day examples are those organized by Internet companies such as eBay. Winners end up cursing when they realize that they won because their estimates were overly optimistic, which led them to bid too much and lose money as a result. The authors first unveil a fresh survey of experimental data on the winner's curse. Melding theory with the econometric analysis of field data, they assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. The remaining chapters gauge the impact on sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisons of sophisticated bidders with college sophomores, the usual guinea pigs used in laboratory experiments. Appendixes refine theoretical arguments and, in some cases, present entirely new data. This book is an invaluable, impeccably up-to-date resource on how auctions work--and how to make them work.

Auctions --- Paradoxes --- Value --- 381.17 --- Standard of value --- Cost --- Economics --- Exchange --- Wealth --- Prices --- Supply and demand --- Dutch auctions --- Vendues --- Bailments --- Commercial law --- Auctions. --- Paradoxes. --- Value. --- E-books

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This volume provocatively rethinks the economics, politics and sociology of money and examines the classic question of what is money. Starting from the two dominant views of money, as neutral instrument and as social relation, What is Money? presents a thematic, interdisciplinary approach which points to a definitive statement on money. Bringing together a variety of neclassical and heterodox perspectives, this work collects the latest thinking of some of the best-known economics scholars on the question of money. The contributors are Victoria Chick, Kevin Dowd, Gilles Dostaler,

Money. --- Finance. --- Funding --- Funds --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Economics --- Currency question --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Gold --- Silver --- Silver question --- Wealth

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Value. --- Supply and demand. --- Demand and supply --- Industrial production --- Law of supply and demand --- Economics --- Competition --- Exchange --- Overproduction --- Prices --- Value --- Standard of value --- Cost --- Wealth --- Supply and demand

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Professor Weeks proposes that the key to Marx's critique of capitalist society is the labor theory of value. A commodity-producing society, he argues, necessarily gives rise to a capitalist society, so that commodity production and the exploitation of labor are inseparably linked.Originally published in 1982.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Capitalism. --- Marxian economics. --- Value. --- Capitalism --- Value --- Marxian economics --- E-books --- Marxist economics --- Communism --- Schools of economics --- Socialism --- Standard of value --- Cost --- Economics --- Exchange --- Wealth --- Prices --- Supply and demand --- Market economy --- Profit --- Capital

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The Role of Money examines the mystery of money in its social aspect and illustrates what money now is, what is does and what it should do. The standpoint from which the book is written is that of the public. The significance of the 'money-power' of the state to issue money has been recently recognized by historians. Its key position in shaping the course of world events is here explained. Included are:* Chapters on the philosophic background* The theory of money - Virtual Wealth* The Evolution of Modern Money* International Economic Relations* Debts and De

Money. --- Currency question. --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency --- Money, Primitive --- Specie --- Standard of value --- Currency crises --- Finance --- Finance, Public --- Legal tender --- Money --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth