How to Bid for a Better Auction

Dr. Brett Katzman, a professor of economics in the Michael J. Coles College of Business, and Dr. Sean Ellermeyer, a professor of mathematics in the College of Science and Mathematics combined forces to fix one of the largest auctions in history. 

Dr. Katzman, who also serves as associate dean of research and chair of the Department of Economics, Finance, and Quantitative Analysis, focuses his research in the areas of game theory, microeconomics, and more specifically, auction and bargaining.

Dr. Ellermeyer, who also serves as chair of the Department of Mathematics, conducts research in the areas of differential equations, dynamical systems, mathematical modeling and more recently, game theory and auction theory. 

Auctions are used to sell goods and procure services world wide.  Auction theory has been developed as a branch of economics to study bidding behavior and auction design by applying game theory. The research of Dr. Katzman and Dr. Ellermeyer uses auction theory to identify fatal flaws in the largest auction ever conducted: the multi-billion dollar Medicare auction.