Auction theory has attracted a great deal of attention from economists since William Vickrey, who got the economics 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 auction theory; but they are best known for designing an innovation in auction methods for the Federal Communication Commission in the US called the Simultaneous Multiple Round Auction (SMRA).
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- 26 years of website archives.
- Preferential invites to Business Standard events.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Mon, October 19 2020. 23:30 IST