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Although it is among the oldest of market institutions, the auction is ubiquitous in today's economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT's Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions. It describes the main auction formats and pricing rules, develops a simple model to explain bidder behavior, and provides a range of real-world examples.

Auctions. --- Dutch auctions --- Vendues --- Bailments --- Commercial law --- Auctions --- E-books

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Possession is a topic which has been researched for centuries, yet there is a surprising dearth of comparative materials and also very little available in English about the law of non-Anglophone jurisdictions. Leaving aside the question of what possession is, this analysis concerns itself with the law's response to 'possession'. The volume comprises contributions from some very distinguished scholars from the civilian tradition (Germany, Italy) as well as the common law (England) and mixed legal systems (Quebec, Scotland, South Africa). Key Features * Written by an international set of contributors from jurisdictions including Germany, Italy, England, Quebec, Scotland and South Africa *Looks at common law, civil law and combined jurisdictions *The first synthesis of theory on the subject of possession * The Contributors: Craig Anderson, Lecturer in Law at Robert Gordon University, Aberdeen Raffaele Caterina, Professor of Law at the University of Turin Eric Descheemaeker, Lecturer in European Private Law at the University of Edinburgh Simon Douglas, CUF Lecturer in the University of Oxford and Fellow and Tutor in Law at Jesus College, Oxford Yaëll Emerich, Associate Professor at the Faculty of Law, McGill University, Montreal Robin Hickey, Senior Lecturer in Law at Queen's University Belfast Duard Kleyn, Professor of Law at the University of Pretoria Lena Kunz, Post-doctoral Researcher at the Institute of Legal History, University of Heidelberg Thomas Rüfner, Professor of Law at the University of Trier and Judge on the Court of Appeal in Koblenz

Possession (Law) --- Bailments --- Property --- Real property --- Things (Law) --- Comparative law --- Law of real property

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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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Acquisition of property --- Lost articles --- Personal property --- Possession (Law) --- Bailments --- Property --- Real property --- Things (Law) --- Articles, Lost --- Lost objects --- Objects, Lost --- Personal belongings --- Treasure troves --- Property, Acquisition of --- Transfer (Law) --- Law and legislation

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Economists, psychologists, and marketers are interested in determining the monetary value people place on non-market goods for a variety of reasons: to carry out cost-benefit analysis, to determine the welfare effects of technological innovation or public policy, to forecast new product success, and to understand individual and consumer behavior. Unfortunately, many currently available techniques for eliciting individuals' values suffer from a serious problem in that they involve asking individuals hypothetical questions about intended behavior. Experimental auctions circumvent this problem because they involve individuals exchanging real money for real goods in an active market. This represents a promising means for eliciting non-market values. Lusk and Shogren provide a comprehensive guide to the theory and practice of experimental auctions. It will be a valuable resource to graduate students, practitioners and researchers concerned with the design and utilization of experimental auctions in applied economic and marketing research.

Auctions. --- Consumers' preferences --- Mathematical models. --- Auctions --- consumentengedrag --- kwantitatieve methoden --- marketing research --- mathematische modellen, toegepast op bedrijfsleven --- mathematische modellen, toegepast op economie --- Dutch auctions --- Vendues --- Bailments --- Commercial law --- Mathematical models --- Business, Economy and Management --- Economics