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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, or simply the Nobel Prize in Economics is an award given every year to thought leaders in the field.
This is one of 6 prizes given out the others recognizing similarly high achievers in literature, physics, medicine, chemistry, and of course the peace prize awarded for furthering the betterment of humanity.
In and amongst all of the happenings in the world this year these awards have kind of flown under the radar which is unfortunate because they all recognized some very remarkable works.
And in the field of economics, it all had to do with auctions.
Auctions to the average person might sound like a pretty mundane thing, you hop on eBay and bid for a new RTX 3080 before crying yourself to sleep, or maybe you are bidding for a new house to live in at a property auction.
At the extreme end, we see auctions for works of art that sell for millions of dollars but even still the auction itself kind of just looks like a formality around which a transaction is done.
But this is far from true. Auctions and Auction Theory are one of the most important systems to understand in economics because they act as an efficient way to build markets and correctly determine how we value items.
Remember amongst everything economics is simply a study of how people interact with things of value.
So with that in mind
What should the average person or aspiring economist know about Auction Theory?
What did the winners of this year’s Nobel prize contribute to this theory?
And how can this be utilized to build better and more efficient economies?
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