Too Long; Didn't Read
Nobel Prize winners Paul R. Milgrom and Robert B. Wilson discuss new auction theory and new auction formats by Nobel prize winners. Auction is nothing but the selling of assets or valuable items to the highest bidder and you won't believe auction is everywhere, for example- companies by spectrum and electricity through actions. We as an end-user are directly or indirectly affected by auctions because our mobile bill and electricity bill increase or decrease according to the company bids for that auction. Good auction theory can help to manage resources more efficiently.