In this series Professor David Ettinger provides an introduction to Auction Theory. Auction Theory is concerned with auction markets and their properties, as well as the behavior of people in such markets. The series begins with a general explanation of what auctions are, how they function and what are their main formats. In the second video, you will learn how to choose among the various auction formats and you will be introduced to the Revenue Equivalence Theorem. Finally, in the third video, Professor David Ettinger explains the Winner's curse phenomenon, a situation in which the winner of an auction may either overpay or find that the good or service has indeed a lower value than the winner anticipated.