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Auctions Win The Prize?

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Author Previous TopicReplies: 3 / Views: 3,215Next Topic  
okiecoiner
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 Posted 10/12/2020  08:28 am Show Profile   Bookmark this topic Add okiecoiner to your friends list Get a Link to this Message Number of Subscribers
They just named the rest of the Nobel Peace prizes and "Auctions" won?

https://www.npr.org/2020/10/12/9229...ampaign=news

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oriole
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 Posted 10/12/2020  09:53 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
The Nobel prize in economic science was won by two people for "improvements to auction theory and inventions of new auction formats."
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westernsky
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 Posted 10/12/2020  10:41 am  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
They deserved it.

Auctions are a part of everyday life and impact the economy in so many ways.
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NumisEd
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 Posted 10/17/2020  10:54 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply
The auction format only works in some situations, where the value of the auction is well above the value of your time.
Just imagine you drive up the local gas station and have to participate in an auction for the next batch of 10 gallon gas. Are you going to sit there all day because you lost the first couple of auctions? Think not.
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