Understanding Auctions

The book elaborates the basic principles of Auction Theory. Auctions have gained popularity over other allocation mechanisms since the rules of auctions are precise, involve less subjective judgments and lead to a more efficient process of discovering the true willingness to pay of the buyers.

Cartea elaboreaza principiile de baza ale teoriei licitatiilor. Licitatiile au castigat popularitate fata de alte mecanisme de alocare deoarece regulile licitatiilor sunt precise, implica judecati mai putin subiective si conduc la un proces mai eficient de descoperire a adevaratei dispozitii de plata a cumparatorilor.