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Auction of public resources and profit

Any sale must be designed to serve the common good, not to maximise revenues

Topics
auction | Nobel prize for Economics | economics

Nitin Desai 



Nitin Desai

theory has attracted a great deal of attention from economists since William Vickrey, who got the Nobel in 1996, wrote his pioneering article on the subject in 1961. Last week, the 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (popularly known as Nobel Prize for Economics) was awarded to Paul R Milgrom and his PhD supervisor at Stanford, Robert B Wilson. They have made many contributions to theory; but they are best known for designing an innovation in methods for the Federal Communication Commission in the US called the Simultaneous Multiple Round Auction (SMRA).

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First Published: Mon, October 19 2020. 23:30 IST

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