Making auctions work: the winning ideas behind this year's Nobel Prize in economics
- Written by John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra
Robert Wilson and Paul Milgrom, winners of The 2020 Nobel Prize in economics.Andrew Brodhead/StanfordMore 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...
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