| Article ID: | iaor200947405 |
| Country: | United States |
| Volume: | 38 |
| Issue: | 5 |
| Start Page Number: | 367 |
| End Page Number: | 380 |
| Publication Date: | Sep 2008 |
| Journal: | Interfaces |
| Authors: | Harstad Ronald M, Peke Aleksandar Saa |
| Keywords: | auctions |
This essay assesses the state of auction theory in a particular dimension: its relevance to practice. Most auction models are more abstract than necessary. They depend on assumptions that are highly unlikely to occur in practical situations, which are often less formal and rigid. Nonetheless, we discuss several significant steps toward offering more practical advice.