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.
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 language | English |
|---|---|
| Pages | 1-3 |
| Number of pages | 3 |
| Volume | 2020 |
| No. | October |
| Specialist publication | The Conversation |
| Publisher | The Conversation Paperpress |
| Publication status | Published - 13 Oct 2020 |