Economics of Auctions and Procurements (3) Theoretical and empirical analyses of auctions and procurements; different modeling environments; econometric analysis of auction and procurement data.
ECON 448W Economics of Auctions and Procurements (3)
This course provides the basic framework for theoretical and empirical analyses of auctions and procurements. The course begins with the foundations of game theory. Both complete and incomplete information models are emphasized. The main auction and procurement modeling environments are then covered. Included among these are the independent private value model, common value model, affiliated private value model, and basic forms of asymmetry. Several data sets are provided for discussion and analysis including FCC spectrum auction data, timber auction data, and road procurement data. Empirical models are proposed for the econometric analysis of the auction and procurement data.
This course seeks to provide students with the analytical methods of both the theoretical and empirical analysis of auctions an procurements. Students should develop their analytical skills pertinent to the economics of auctions and procurements, and they will also develop their skills in writing in economics.
This course is part of a series of advanced writing-intensive seminars in each of seven broad fields in economics. This is a course in the field of applied microeconomics. The course will count toward both the major and a minor in economics.
Note : Class size, frequency of offering, and evaluation methods will vary by location and instructor. For these details check the specific course syllabus.