Hi everyone, after learning more about auctions in the course I wanted to share this recent video I watched explaining the 1996 nobel prize in economics which regards the Vickrey auction [1]. It is a great watch and I think it puts more of the class work into context. Tom Scott put out a great video about the Dutch Tulip auction last year that is a great example of the Dutch auction [2]. I highly implore you to take a look at the second video as it provides insight into the history as well as a bit of the economics behind this all.

Sources:

[1] Auction Theory and Vickrey’s 1996 Economics Nobel Prize Explained. Accessed: Dec. 19, 2023. [Online Video]. Available: https://www.youtube.com/watch?v=eX0CtCQjSLE

[2] This clock was famous, but the internet ruined it. Accessed: Dec. 19, 2023. [Online Video]. Available: https://www.youtube.com/watch?v=uAdmzyKagvE