Works
- Counterspeculation, Auctions, and Competitive Sealed Tenders, Journal of Finance, 1961
In Thinking Tools
Known for
An economist who was the first to analyze auctions with game theory. His 1961 paper founded auction theory, and the sealed-bid second-price auction, in which bidding one's true value is the best strategy, carries his name. He shared the 1996 Nobel Memorial Prize in Economic Sciences with James Mirrlees.