Widely recognized as the founder of auction theory, Vickrey received the Nobel Prize in 1996.
He described the theoretical properties of second price auctions as well
as forwarding our understanding of congestion pricing and asymmetric information.
updated: 12 August 2005
minor update: 8 December 2006
HOW TO CITE THIS ENTRY
- To learn more:
- Go to game theory .net page.
- See news articles on auctions.
- Try a winner's curse applet on the applets page.
- Read about auction experiments at e-Economics.net.
- Learn about auctions by reading lecture notes.