Theory Thursday! Auctions

Today’s extension topic for Theory Thursday is auction design. I’ve included an introductory presentation which includes some of the key terms and basic principles as well as set of questions. Once the presentation and questions have been tackled, then students may also want to look at recent examples of auctions, including the apparently fraudulent Indian mobile telecoms auction and the recent auction of the £25.2m Picasso painting at Sotheby’s. Students may also want to investigate whether drilling rights to the Canadian tar sands should be auctioned off. An interesting development in auction design over recent years has been the increased use of the internet to conduct auctions, rather than relying on auction houses. An interesting example of using the internet to auction art can be found here. Auctions.pptx