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

Written by The Conversation

Robert Wilson and Paul Milgrom, winners of The 2020 Nobel Prize in economics.Andrew Brodhead/Stanford

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...

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