After watching some videos on the Nobel prize given for the Vickrey auction I looked into other prominent advancements in auction theory. I found that the 2020 nobel prize in economics was given for recent work in a format known as simultaneous multi round auctions [1]. Paul R. Milgrom and Robert B. Wilson developed a new auction format that did away with some of the issues that traditional auction types would have by having simultaneous bidding. This helped circumvent many issues that organisations such as the United States Federal Communications Commission had in the allocation of their radio frequencies. I strongly recommend anyone interested in this check out the Economics explained video linked here [2]. Another cool part of their work is that their auction format is the basis of their company Auctionomics so there has been extensive real world testing on their format [3].

Sources:

[1] “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020,” NobelPrize.org. Accessed: Dec. 23, 2023. [Online]. Available: https://www.nobelprize.org/prizes/economic-sciences/2020/summary/

[2] The 2020 Nobel Prize in Economics: Explained | Economics Explained. Accessed: Dec. 23, 2023. [Online Video]. Available: https://www.youtube.com/watch?v=R_wxk7Ihyok

[3] “Auctionomics.” Accessed: Dec. 23, 2023. [Online]. Available: https://www.auctionomics.com/