Decision Analysis: The Right Tool for Auctions

Authors:
Michael H. Rothkopf
Affiliations:
Smeal School of Business, Pennsylvania State University, University Park, Pennsylvania 16802
Venue:
Decision Analysis
Year:
2007

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Abstract

For bidders in standard sealed bid auctions, I believe that decision theory dominates game theory. Even in the design of auctions, decision theory competes well with game theory. This paper explains why I have reached these conclusions.