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The Times

the winning ideas behind this year's Nobel Prize in economics

  • Written by John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra
the winning ideas behind this year's Nobel Prize in economicsRobert 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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