ABSTRACT
This conclusion presents some closing thoughts on the concepts covered in the preceding chapters of this book. The book introduces auction theory to all including those who are hearing about such a theory for the first time. It elaborates on auction as an allocation mechanism, along with tracing its historical perspective. The book highlights the merits of auctions over the mechanisms for clearly indicating why auction is growing popular across the world. It explains how auctions can be analysed as incomplete information games, and also elaborates the different types of auctions and the basis for their classifications. The book also discusses the major results of auction theory under different contexts, the most important one being the famous Revenue Equivalence Principle. It identifies the situations where this principle always works and also the ones where it fails. The cook explains various countries’ experiences regarding the auction of telecom spectrum licenses.
