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Decision Analysis: The Right Tool for Auctions

Smeal School of Business, Pennsylvania State University, University Park, Pennsylvania 16802
rothkopf{at}psu.edu

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.

Key Words: bidding; auction design; game theory
History: Received on September 4, 2007. Accepted on September 10, 2007.

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