Management Science · 1980 · 214 citations · 47 references
BusinessEconomicsAuction TheoryGame TheoryMicroeconomicsAuction DesignCommon-value AuctionsCompetitive BiddingFirst-price AuctionsPrivate-value AuctionsSecond-price AuctionsAuction Bidding BehaviorBidding SystemsCompetitive Bidding Processes
Auctions and bidding models are attracting an ever increasing amount of attention. The Stark and Rothkopf (Stark, R. M., M. H. Rothkopf. 1979. Competitive bidding: a comprehensive bibliography. Oper. Res. 27 (2) 364–390.) bibliography includes approximately 500 works in the area. Additional work has appeared since the bibliography was compiled. This paper surveys the main theoretical results and research efforts of the literature on auctions and bidding. A framework is presented for classifying and describing various auctions and bidding models based on the types of assumptions made for the models' various parameters. The major works, ideas, and results of the literature are surveyed in terms of this framework.
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John F. Nash · Econometrica · 1950 · 7.9K citations
COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS
William Vickrey · The Journal of Finance · 1961 · 7.3K citations
John Maynard Smith, George Price · Nature · 1973 · 6.2K citations
Risk Aversion in the Small and in the Large
John W. Pratt · Econometrica · 1976 · 4.7K citations
The logic of asymmetric contests
John Maynard Smith, George A. Parker · Animal Behaviour · 1976 · 2K citations