This book constitutes the thoroughly refereed post-conference proceedings of the First International ICST Conference on Auctions, Market Mechanisms and Their Applications, AMMA 2009, held in Boston, MA, USA, in May 2009. The 16 revised papers presented were carefully reviewed and selected from 38 submissions. The contents range from fundamental theory on auctions and markets to empirical design and analysis of matching mechanisms, peer-to-peer-systems, and prediction markets. This includes an understanding of the economic and gametheoretic issues, the ability to design protocols and algorithms for realizing desired outcomes, and the knowledge of specific institutional details that are important in practical applications. This volume aims at economists, computer scientists, theorists and empiricists as well as academics and practitioners.