This chapter describes several forms of auctions, presents the formulations used in the main models, reviews some of the general results and empirical findings, and indicates a few applications. Auctions have been used for millennia, and remain the simplest and most familiar means of price...

We study an economy with traders whose payoffs are quasilinear and their private signals are informative about an unobserved state parameter. The limit economy has infinitely many traders partitioned into a finite set of symmetry classes called types. It has a unique rational expectations...

We posit a standard model of an asymmetric double auction with interdependent values in which each trader observes a private signal about a hidden state before submitting a bid or ask price for a unit demand or supply. The state and signals are one-dimensional, traders’ signals are independent...