Auction theory can be approached from different angles from the perspective of game theory auctions are bayesian games of incomplete information contract or mechanism design theory auctions are allocation mechanisms market microstructure auctions are models of. Krishnas superb auction theory is an ideal text and reference because his clear and precise exposition distills the vast literature and provides excellent motivation examples exercises and connections to commercial applications. Auction theory occupies a prominent place within microeconomics and game theory this book is an excellent and self contained introduction to auction theory i use it as a basis for my auction courses. Auction theory is important for practical empirical and theoretical reasons first a huge volume of economic transactions is conducted through auctions governments use auctions to sell treasury bills foreign exchange mineral rights
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