New Applications
Power Auctions has recently developed a proposed reverse auction design for the US Treasury’s Troubled Assets Relief Program (TARP) in the following articles:
- Economists Look at Ways to Structure Auctions, The Wall Street Journal, 25 September 2008, p. A4.
- Auction Design Critical for Rescue Plan, by Lawrence M. Ausubel and Peter Cramton, Economists’ Voice, Vol. 5, Issue 5, Article 5, September 2008.
- A Troubled Asset Reverse Auction, by Lawrence M. Ausubel and Peter Cramton, University of Maryland Working Paper, October 2008.
- Slides—A Troubled Asset Reverse Auction, by Lawrence M. Ausubel and Peter Cramton, October 2008.
Power Auctions is constantly developing new applications for dynamic clock auctions (ascending and descending) and for dynamic auctions with package bidding (a.k.a. combinatorial auctions).
The following downloadable articles provide background reading and describe some of the latest developments in dynamic auctions:
- Auctions (Theory), by Lawrence M. Ausubel, New Palgrave Dictionary of Economics, Second Edition (2008).
- Auctioning Many Divisible Goods, by Lawrence M. Ausubel and Peter Cramton, Journal of the European Economic Association: Vol. 2: No. 2-3, pp. 480-493 (April-May 2004).
- An Efficient Ascending-Bid Auction for Multiple Objects, by Lawrence M. Ausubel, American Economic Review: Vol. 94, No. 5 (December 2004).
- An Efficient Dynamic Auction for Heterogeneous Commodities, by Lawrence M. Ausubel, American Economic Review: Vol. 96, No. 3 (June 2006).
- The Clock-Proxy Auction: A Practical Combinatorial Auction Design, by Lawrence M. Ausubel, Peter Cramton and Paul Milgrom, Chapter 5 in Peter Cramton, Yoav Shoham and Richard Steinberg (eds.), Combinatorial Auctions, MIT Press, 2006.
- Ascending Auctions with Package Bidding, by Lawrence M. Ausubel and Paul Milgrom, Frontiers of Theoretical Economics: Vol. 1: No. 1, Article 1 (August 2002).
Power Auctions is also developing a new auction site, www.capitalauction.com, for financial services applications. The auction system will be suitable for auctioning commercial paper, bonds, equity, and other financial services products. Contact us for further information on becoming an early user of this exciting new system.
The following downloadable articles discuss IPO auctions:
- Put Corruption Under the Hammer, Financial Times Op-Ed, 20 December 2002.
- Implications of Auction Theory for New Issues Markets, by Lawrence M. Ausubel, Brookings-Wharton Papers on Financial Services, 2002, pp. 313-343.