Making auctions work: the winning ideas behind this year’s Nobel Prize in economics

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Abstract

More than ever before, auctions shape the economy.

Sites such as eBay have made them an everyday transaction. The placement of every Google ad is priced by an instantaneous mini-auction. Governments use them to allocate radio spectrum and to run emissions trading schemes.

The 2020 Nobel Prize in economics has been awarded to two Americans, Paul Milgrom and Robert Wilson, for their work in analysing auctions and how to make them more efficient.

The two professors are close collaborators. They both work at Stanford University in California and also live on the same street.
Original languageEnglish
Pages1-3
Number of pages3
Volume2020
No.October
Specialist publicationThe Conversation
PublisherThe Conversation
Publication statusPublished - 13 Oct 2020

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