Auction Theory

Auctions have become an important mechanism to allocate scarce resources, in the physical world and in the virtual world. The analysis of auction often proceeds by assuming an ex-ante symmetry among the bidders. Yet, many markets are distinguished by fundamental asymmetries between the bidders. Some bidders may have on average higher valuations or better information, or may have a richer strategy sets. Until today very little is known how classic auction results perform in such asymmetric environments. This research project aims to develop the first such results. The research project is using advanced mathematics in optimization and differential equations, and thus will require an advanced background in mathematics, and might be ideal for majors in mathematics and joint majors in mathematics.