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Encyclopedia of Systems and Control pp 47–50Cite as

Auctions

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Abstract

Auctions are procedures for selling one or more items to one or more bidders. Auctions induce games among the bidders, so notions of equilibrium from game theory can be applied to auctions. Auction theory aims to characterize and compare the equilibrium outcomes for different types of auctions. Combinatorial auctions arise when multiple-related items are sold simultaneously.

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Bibliography

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Author information

Authors and Affiliations

  1. University of Illinois, Urbana, IL, USA

    Bruce Hajek

Authors
  1. Bruce Hajek
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Correspondence to Bruce Hajek .

Editor information

Editors and Affiliations

  1. Mechanical Engineering, Electrical and Computer Engineering, Boston University, Boston, MA, USA

    John Baillieul

  2. Honeywell Automation and Control Solutions, Golden Valley, MN, USA

    Tariq Samad

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© 2015 Springer-Verlag London

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Hajek, B. (2015). Auctions. In: Baillieul, J., Samad, T. (eds) Encyclopedia of Systems and Control. Springer, London. https://doi.org/10.1007/978-1-4471-5058-9_36

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