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Chapter 17 - Linear programming. The final chapter considers decisions involving economic constraints. Chapter 17 takes up linear programming, a method for determining optimal decisions in the presence of specific resource constraints.
Managerial Economics, 8e William F. Samuelson ● Stephen G. Marks Chapter SEVENTeen Auctions and Competitive Bidding Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Two rules for succeeding in business: (1) Never underestimate the importance of money, and (2) everything is up for bid ~Anonymous Copyright © 2015 John Wiley & Sons, Inc. All rights reserved For Discussion Bidding to Televise the Olympics Years before each Olympic Games, a competition takes place that is just as intense as the Olympiad itself— namely, the highstakes bidding competition by the U.S. networks to televise the games. Copyright © 2015 John Wiley & Sons, Inc. All rights reserved The Advantages of Auctions A Stock Repurchase Bidding versus Bargaining Auctioning Google’s Online Ads Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Bidder Strategies English and Dutch Auctions SealedBid Auctions Strategy Against a Bid Distribution Equilibrium Bidding Strategies Common Values and the Winner’s Curse Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 17.1 Probability distribution of the Best Competing Bid Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 17.2 The Winner’s Curse Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Optimal Auctions Expected Auction Revenue A Uniform Example Reserve Prices Business Behavior— RealLife Bidding Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 17.3 Expected Prices when buyer values are uniformly distributed Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Optimal Auctions Competitive Procurement Bidding to Televise the Olympics Revisited Copyright © 2015 John Wiley & Sons, Inc. All rights reserved ... Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 17. 1 Probability distribution of the Best Competing Bid Copyright © 2015 John Wiley & Sons, Inc. All rights reserved Figure 17. 2 The Winner’s Curse Copyright © 2015 John Wiley & Sons, Inc. All rights reserved... Business Behavior— RealLife Bidding Copyright © 2015 John Wiley & Sons, Inc. All rights reserved 1.3 Figure 17. 3 Expected Prices when buyer values are uniformly distributed Copyright © 2015 John Wiley & Sons, Inc. All rights reserved