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A Brief History of 21st Century Economics

HBR IdeaCast

CHAPTER

Auction Theory and Efficient Allocation

This chapter explores the development and impact of auction theory, particularly in the 80s and 90s. It discusses how economists sought to understand efficient ways of allocating goods through auctions, and highlights examples such as the auctioning off of spectrum for cell phones. The chapter also delves into the concept of matching items or resources with people who need them the most, using algorithms to improve efficiency in scenarios like organ allocation.

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