Introduction: Economic Issues in Auctions

Introduction: Economic Issues in Auctions Rev Ind Organ (2010) 37:1–2 DOI 10.1007/s11151-010-9252-x Victor J. Tremblay Published online: 18 June 2010 © Springer Science+Business Media, LLC. 2010 Auctions have been used to sell goods and services for thousands of years. Records of Babylonian slave auctions date back to 500 B.C. The famous auction houses of Sot- heby’s and Christie’s began in the 1700s and continue to be successful by specializing in the sale of rare works of art. Research on the economics of auctions did not flourish until auctions became a more common way of selling goods and services. Research interest rose when the U.S Government decided to auction off the right to drill for offshore oil in the 1970s. Beginning in the 1990s, the government auctioned off radio spectrum for use by cell phone providers. In the last 15 years, growth of the Internet has made Internet auc- tions feasible. Internet auctions have lowered the cost of bringing sellers together with potential buyers who may be scattered around the globe. Today, millions of people participate in Internet auctions for a wide range of items such as consumer collectables, clothing, electronic equipment, automobiles, and real estate. As auctions became a more common way of doing Review of Industrial Organization Springer Journals

Introduction: Economic Issues in Auctions

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Copyright © 2010 by Springer Science+Business Media, LLC.
Economics; Industrial Organization; Microeconomics
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