A huge thank you to Acorns for making this video possible. Go check them out, it helps the channel and hopefully makes saving and investing that little bit easier! Sign-up for Acorns now and they'll deposit $5 into your investment account to help you get started with investing! 👉 www.acorns.com/ee?s2=NOB1
@AndrewMellor-darkphoton3 жыл бұрын
hi
@villeguilliet68453 жыл бұрын
@@AndrewMellor-darkphoton yubvk
@zombiekilldemon3 жыл бұрын
Please do an Economics Explained video on the comic book market. The stuff you go over here with auctions is a small part of the craziness that is the comic market. There is so much to go over from how the industry is still supported by mom and pop shops. The fact that there is most duopoly between DC and Marvel, the fact the market crashed from a speculation bubble in the 90s, or even how there was and still kinda is a monopsony with the Diamond company over distribution of the comics to the mom and pop shops. DC is trying to break that monopsony now but isn't having an easy time doing it.
@davidjohansson14163 жыл бұрын
Sveriges riksbank = swedish central bank
@olanrewajuadeniji89743 жыл бұрын
Hi EE once again, please do an Economy of Nigeria episode... change is on the horizon, I'd love to have an idea what i can do to be of help
@EconomicsExplained3 жыл бұрын
A super fun little fact about this year's prize that didn't make it into the video is that the two winners live right next door to one another. Wilson actually ran over to knock on Milgrom's door to tell him the good news.
@AndrewMellor-darkphoton3 жыл бұрын
hi
@lesterpioquinto92663 жыл бұрын
I saw their story on fb!!!!
@truthwatcher18083 жыл бұрын
I'm confused. if this was first used in 1995. why is the nobel prize just given out now?
@chilenozo3 жыл бұрын
@@truthwatcher1808 takes time to win a Nobel prize. Each year there are lots of candidates in a wide variety of topics, all falling under the umbrella of Economics. Also one solid test (like the US FCC 1995 auction) is not enough, usually there are several “proofs” (or auctions) needed. The Nobel committee has its own (slow) pace.
@chilenozo3 жыл бұрын
The other fun fact (impressive tbh) is that Robert B Wilson now has 3 former PhD students as Nobel laureates (one been his co-laureate)! Talk about been a genius who can also recognize and attract talent!
@fahmimansor3 жыл бұрын
EE should discuss every Economy Nobel Prize and their work. Wow. I have never come up with an idea as good as this since forever.
@dishantkumbhar88223 жыл бұрын
That's the reason for their nobel prize
@ysiabmworkinggroup30493 жыл бұрын
Great idea!! Just saw one on the related one from 1996. Can recommend it: kzbin.info/www/bejne/m4mTdKd5hs-Ggqc
@IT-sq5rj3 жыл бұрын
This guy is probably pension age now.
@user-gu1hl2kx2k3 жыл бұрын
Trump won one
@ns70233 жыл бұрын
Yup yup yup yup
@You_do_not_exist_Jack3 жыл бұрын
I know nothing about auction theory, but for some reason, when he started talking about an ‘English style system’, I just knew the alternative system had to be Dutch.
@wesch63543 жыл бұрын
Thats because only the Dutch would look at something and say "how could we possibly do it backwards?"
@Inforza3 жыл бұрын
the dutch actually use the english system for cars, art and other luxury items.. the dutch system is used for buying bulks of flowers and vegetables, it just goes faster that way
@IronPickAx3 жыл бұрын
You must be a chess player
@agrajmishra61283 жыл бұрын
Why not French?
@emerald393 жыл бұрын
@@agrajmishra6128 Correct answer
@arw0003 жыл бұрын
"Bid on that new RTX 3080 before crying yourself to sleep" too real... I need nap now...
@insane_troll3 жыл бұрын
Or alternatively you could just wait a few months.
@shramo3 жыл бұрын
@@insane_troll Not sleeping for a few months is pretty dangerous...
@steak55993 жыл бұрын
@@insane_troll So we have to cry every night before we go to sleep for the next few month? Meh... if you don't have anything nice to say...
@EconomicsExplained3 жыл бұрын
:(
@zhuljens3 жыл бұрын
Was it in the video?
@LocusJay3 жыл бұрын
Can this be a series? Like, go through the Nobel prizes throughout the years? Or at least the fun ones?
@darkelwin023 жыл бұрын
Spoiler, a lot of them are all from the exact same school of economics.
@jhonklan3794 Жыл бұрын
yes pleaseeee
@typicalgamer55607 ай бұрын
@@darkelwin02which one ?
@michelmiyat3 жыл бұрын
The chemestry footage cracked me up 0:16 😂
@jonathanozik54423 жыл бұрын
lol
@0xjrr3 жыл бұрын
yep, looking for this one, to the top you should go
@WhyWorldSucks3 жыл бұрын
I came to the comment section to find this comment. :p
@entropicpedro3 жыл бұрын
Only reason I came to the comment section
@mungjr3 жыл бұрын
cracked...I see what you did there
@sacha84163 жыл бұрын
Every year I’m very curious about who and what is the Nobel prize winner in every field. I read the work rewarded, looks complicated, dig deeper in the subject, still complicated but I feel I could understand if someone explains to me the context. That’s what you did in the video, thanks you. Great work as always.
@jcris82383 жыл бұрын
yeah . i don't know what else to type.
@ddobefaest93343 жыл бұрын
Dig a little deeper into the 'Nobel' prize for economics specifically. It's interesting. Apparently, the actual Nobel family did not recognise or credit the award as a true Nobel prize. The story goes that at the time of the prize's conception, the central bank of Sweden wanted to be free from oversight from the democratic government of Sweden. So, the bank sought an institution to give them academic and social legitimacy, hence justifying their independence. Since then, it's been argues that the prize serves to legitimise the fallible theories of limited branches of economic thought to an otherwise unknowing public.
@ysiabmworkinggroup30493 жыл бұрын
I think this series will do exactly that: kzbin.info/www/bejne/m4mTdKd5hs-Ggqc
@shramo3 жыл бұрын
12:50 "In most nations this is still illegal" Whispers "But..." That made me laugh, I thought a property developer was trying to collude with me over my shoulder.
@EconomicsExplained3 жыл бұрын
Get in looser, we are fixing prices!
@Charlie-et4td3 жыл бұрын
Heard the intro and heard ocshuns, and I was so confused until about 10 seconds in lol.
@voxhominem3 жыл бұрын
I thought he was saying option until it came up on the screen
@yukionna16493 жыл бұрын
Why do I feel like I'm about to find out the American alternative pronunciation is something horrific like "our-k-tea-ohn"?
@RockWontDie143 жыл бұрын
What other pronunciations are there?
@macaroon_nuggets80083 жыл бұрын
@@yukionna1649 I am American and I prnouce it Auck-shun.
@voxhominem3 жыл бұрын
@@RockWontDie14 people in the north east US say something like 'action' and people in the southeast say it with emphasize on the 'au' part like aüction
@zombiekilldemon3 жыл бұрын
Please do an Economics Explained video on the comic book market. The stuff you go over here is part of the craziness that is the comic market. There is so much to go over from how the industry is still supported by mom and pop shops. The fact that there is most duopoly between DC and Marvel, the fact the market crashed from a speculation bubble in the 90s, or even how there was and still kinda is monopsony with the Diamond company over distribution of the comics to the mom and pop shops. DC is trying to break that monopsony now but isn't having an easy time doing it.
@zombiekilldemon3 жыл бұрын
@WorldFlex the fact that you consider comics as nothing but an irrelevant market shows your igneous. EE has gone over even Beanie Baby's collecting so no the comic book market is not irrelevant to the context done on this channel. No go off and continue to think everything on KZbin is just propaganda with your tin foil hat.
@BenjaminFife3 жыл бұрын
"Economics is a study of how people interact with things of value" - I really like how you said that.
@jon79113 жыл бұрын
It’s funny, every econ professor I’ve had has described it a different way. My personal favorite is “economics is the study of how humanity minimizes the effects of scarcity”.
@philippbeckonert16783 жыл бұрын
: Fun Fact: There is no Nobel Prize in Economics. The Prize refered to in the video(but of course not in the titel) is a sad/cheap substitute which economists gave themselves.
@Unfamiliar_Fruit3 жыл бұрын
There’s also no prize in mathematics. It’s been rumored (falsely) that Nobel’s wife ran off with a mathematician
@Croz893 жыл бұрын
I'd be interested to see how well this works for reverse auctions, since those are very common in the engineering and service sector (bidding to build a bridge or administer a hospital for example). Intuitively it seems like it would work just as well, but perhaps there's something that might be different.
@dannygray46183 жыл бұрын
“Okshuns” is triggering me so hard. TIL how auctions is said in Australia.
@sjwbond23 жыл бұрын
I got it too, but this is not how even the majority of Australians pronounce it, I work in energy trading, so we use the term a lot in daily business, but I have never heard an Australian colleague pronounce it this way. at least it doesnt sound as obtuse as saying "Nitch" for Niche :D
@oppionatedindividual82563 жыл бұрын
@@sjwbond2 he means the word Australia I think lol
@lancejohnson83883 жыл бұрын
@@sjwbond2 weird, as I don't think I have heard an Australian say auction in any other way.
@sjwbond23 жыл бұрын
@@lancejohnson8388 Vic/NSW thing? My colleagues are all from there...
@goyindi3 жыл бұрын
I am Australian and yes i also say "okshun"
@Quickonomics3 жыл бұрын
Well, the price is probably not the only thing that starts really _high_ at a Dutch auction...
@EuropeanQoheleth3 жыл бұрын
Heh heh
@shakenbake92503 жыл бұрын
I see what you did there...
@acey4573 жыл бұрын
like snoop dogg rolling a cannabis weed blunt joint
@martiddy3 жыл бұрын
The dutchies already knew that if they hold the bids in Amsterdam, all the bidders would be a bunch of stoners with a lot of money.
@arpitdas42633 жыл бұрын
Surprised this comment hasn't been flooded already
@AusieGamer8343 жыл бұрын
I am supermarket worker. So I am not the smartest person but your videos makes so much sense and they are like music to my ears.
@nicholaswoollhead68303 жыл бұрын
As a student of international politics and economics I couldn't be more thankful for the amazing videos you put out.
@Dukenukem3 жыл бұрын
"People are behaving illigically" is the most logical thing you can come up after observing "The people" for a while
@ML-gg5ij3 жыл бұрын
Alfred Nobel did not want a Nobel prize in economics and he had his reasons. It remains an insult to him that the Swedish central bank just names the prize after him. Not to honour him of course, he didn't want it, but to get the esteem and reputation that the other, in Alfred Nobels mind most important, sciences get. It's disgraceful. Call it something else. Mathematicians have their Fields medal. Establish an Adam Smith prize or Friedrich Hayek, if you like. But leave out Nobel's name.
@hardlyb3 жыл бұрын
I agree completely. The economics prize isn't as prestigious as the one in physics - I'd say most of the cachet comes from appropriating the name.
@xXWorldgamefunXx3 жыл бұрын
The Nobel Prize in Economics has many controversies around it. It has an obvious political bias, prefering mainstream economists like Milton Friedman and Friedrich Hayek, while leaving keynesian economists like Joan Robinson without an award. Economics Nobel Prize winner Gunnar Myrdal said that the prize is reactionary and should be abolished. Even Hayek said it gives economists an authority in their field that no man should have.
@notkimjongun37523 жыл бұрын
also you get frauds like Krugman, who is wrong with most of what he says but rides on the prices fame for the last decades
@raidzharif3 жыл бұрын
i just love how EE showed that Walter White van for Chemistry. Heisenburg surely be proud "You're god damned right"
@sqalcher3 жыл бұрын
Stock video at 18:23 is simply hilarious
@otsok3 жыл бұрын
Fun fact: Robert Wilson has supervised the dissertations of three other Nobel price winners: Alvin Roth, Bengt Holmstrom and Paul Milgrom.
@hostilemonkey3 жыл бұрын
I feel that the blade of the windmill at 6:38 tracks the point of intersection on a curve showing ‘price’ and ‘reluctance to bid’. I also feel that wasn’t by accident.
@Bethlehem0BC3 жыл бұрын
Thanks for the video - Economics undergrad here! Please do Nobel coverage every year in Layman's terms! Very helpful and much appreciated!
@enderw.17243 жыл бұрын
I’m confused with everyone’s confusion. How do you say auctions? I’m not some Aussie here I’m from the mid west I understand him just fine 🤷♂️..... maybe I am an Aussie 🤔
@dharmani_youtube3 жыл бұрын
The ad transitions are just so well timed! It makes my marketing heart melt ❤️
@runrafarunthebestintheworld3 жыл бұрын
It looks great and it's comforting since people might be still working on the weekends. 😅
@ddobefaest93343 жыл бұрын
It's almost as if this video was made in a supporting way around this advert! : O
@klausnielsen71023 жыл бұрын
Yes you are struggling with , Skåne...
@Croz893 жыл бұрын
Sk-or-neh?
@axelnils3 жыл бұрын
@@Croz89 or go with the English name, Scania.
@EvilChris20103 жыл бұрын
If I see the Seamless ad on EE videos one more time... Speaking of which, someone should raise the topic of Ad Tech and it’s impact on the economy.
@beastlybongos96783 жыл бұрын
Idk why everyone's hating on the way you say auction it sounds fine to me
@rreinehr13 жыл бұрын
Don’t hear it either... 🤷♂️
@kingdomovies3 жыл бұрын
Some people don’t realise that people have different accents lol
@JGeMcL3 жыл бұрын
I see everyone complaining but no one is offering their version of the “correct” pronunciation. I’m American and I pronounce it the same way.
@Think_Inc3 жыл бұрын
Yeah.
@deltabeta55273 жыл бұрын
I just don't care how it is pronounced. It's understandable and that's all matters.
@NoName-zv7ju3 жыл бұрын
It would be great if you did this every year for the winner in economics , as you break it down very well
@ysiabmworkinggroup30493 жыл бұрын
Here is one on the 1996 one that also went to auction theory. kzbin.info/www/bejne/m4mTdKd5hs-Ggqc There is some overlap. But, it's a start :)
@adamanderson19793 жыл бұрын
You mentioned the graphics card in this episode, hopefully that tech company is listening as the “new” auction would have actually done a lot of work for them
@robertewalt77893 жыл бұрын
Stock exchanges, commodities exchanges, etc. also are auctions. Potential buyers and sellers are bidding.
@flosam98703 жыл бұрын
If the auction model was used in 1994 by the FCC, why did it win the Nobel prize in 2020? Also how does this system accounts for government preferences such as local companies or companies with little ecological impact?
@azazzelx3 жыл бұрын
that new auction format...its kinda elegant if you look more into it...
@dan_rad3 жыл бұрын
11:26 *competitive... Sorry for being that guy. Great video.
@PoPax1863 жыл бұрын
This is a great video. I also hoped you would add the negatives of the simultaneous auctions as well. Read about how it totally failed in India and caused many more problems than it solved. I can see the effects first hand
@CosmiaNebula3 жыл бұрын
do economics of past Nobel prizes... I recommend: 2002 (behavioral economics), 2018 (climate economics), 1993 (cliometrics), 1991 (Coase), 1998 (welfare economics), 1997 (Black-Scholes-Merton model) or economics of Patreon
@axelnils3 жыл бұрын
They aren’t Nobel prizes though
@Dargubus933 жыл бұрын
I hear oligopsony. Just remebered that EE thought us about monopsony a view videos earlier, so we all directly understand.
@morriskaller35493 жыл бұрын
That butchering of "Sveriges riksbank" hit me differently
@KFanVid3 жыл бұрын
...och Skåne.
@fdumbass3 жыл бұрын
Seeing a Swedish person online hits differently 😞
@fdumbass3 жыл бұрын
Kansje det hadde vært bedre å bare oversette til engelsk
@EmmaWithoutOrgans3 жыл бұрын
@@fdumbass inte en dansk 😭
@fdumbass3 жыл бұрын
@@EmmaWithoutOrgans Jeg er norsk 😢
@blahokay13 жыл бұрын
One of my favorite classes I took covered a lot of auction theory and I thought it was super interesting. Auctions are such a complex but elegant solution to match buyers and sellers. It's also so interesting learning about how auctions shape the world at the scale of government contracts or fixed allocations.
@DerH0ns3 жыл бұрын
The nobel price for economics isn't a real one though
@juane.bourdette10083 жыл бұрын
Chemistry nobel price reference at the begining...well played, got my upvote righ there
@gabbyn9783 жыл бұрын
The dutch auction is not meant for laypersons, it is used as a means to distribute a certain reservoir of goods to merchants who know the market, and its prices, very well. They use it especially for selling the daily lot of flowers that had been delivered to Rotterdam, to wholesalers.
@W00ge10 ай бұрын
actual explanation starts at 17:20
@savyblizzard64813 жыл бұрын
This is exactly the video I was wanting. Thank you so much!
@ForestFWhite3 жыл бұрын
All the resources for sale at once is not a real possability without a seller with a monopoly on all the resources. It's basically applicable to non-capitalist ventures, because a capitalist venture would do better fixing prices than introducing fairness or competition where there is none. You mentioned this in the first minute of the video! Study of value indeed.
@harshaldesai53933 жыл бұрын
EE should also be given a Nobel prize for making economics understandable to a layman.
@Zaibech3 жыл бұрын
I feel like the collusion behind the previous FCC auctions should've been talked about further.
@LIFEwithBAVAN3 жыл бұрын
Amazing work as always! Can you do a video on The Fair Tax Law? Explaining what fair tax will do by replacing income tax for the country (pros and cons perhaps)?
@barryflynn30253 жыл бұрын
In Ireland college places are given out in a massive auction. You get grades in your leaving cert which add up to points (H1 = 100, H2 = 88, H3 = 77 etc, max points = 625) and you basically bid on courses and the points go up and down each year for different courses. Depending on demand there can be up to 5 rounds of bidding on college places. There is no interview, no application essay, just a straight up auction.
@haroldsebastian73913 жыл бұрын
Hi man, i love your videos, but i'm not a native english speaker myself, and i don't know if that's the case for many other people that see your videos, so i just was wondering if you were planning to put subtitles on your videos, it would be great to have english sub cause i have a decent knoledge of english but i'm still perfecting my listening habilities, so not everytime i'm able to understand everything and it could the case for many others, i dont know. It would be great if you consider it and keep up the good work man 😁✌
@DeadDancers3 жыл бұрын
I’m trying to find if this style of auction has been picked up for individual property sales. It seems like just a government thing so far, in Australia,
@ysiabmworkinggroup30493 жыл бұрын
Mostly first price auctions are popular for property. Just saw this in a related video: kzbin.info/www/bejne/m4mTdKd5hs-Ggqc
@falxie_3 жыл бұрын
That's a surprisingly simple and obvious auction system in retrospect
@sk-noraslaytore94352 жыл бұрын
Dammit your economic videos are too good. You earned my subscription! Not to merit but still!
@ERROR204.3 жыл бұрын
Great video but honestly this many ads is starting to make it cancel out
@bernardokrolo22753 жыл бұрын
This is realy good channel..i never guess that some Aussi can be smart
@nurainiarsad73953 жыл бұрын
I think my business team bid our biggest contract under this format. Didn’t realise it was cutting edge.
@Ali242193 жыл бұрын
Professor Robert Wilson went to my high school I heard it on the school news but I didn’t think it was that big of a deal because it was almost being swept under the rug and put out of the limelight due to this crazy year (I’m a ninth grader)
@todornedyalkov55103 жыл бұрын
Maybe not the most exciting of topics, but very ,very important ,I needed that.
@JoeVirella3 жыл бұрын
Loved the Breaking Bad reference 😆
@unknownyoutuber20073 жыл бұрын
The video length of 22:22 is aestheticly pleasing to me for some reason.
@AmongRocks3 жыл бұрын
i would love more nobel prize in economics videos
@ddobefaest93343 жыл бұрын
I would love any at all. ba-dum-chh
@nefwaenre3 жыл бұрын
Thank you for explaining this!! i watched a lecture explaining this, but still was unable to understand. Now, while i still don't understand it all, but this helps a lot! Auctioning is one of the most important and in my case, my primary way of selling things (stamps & postages). So i was interested in this.
@nathanbrown4923 жыл бұрын
11:08, and if you account for complex zoning laws and NIMBYism which also constrain the Value of a property (both Private and Common)
@mildredoxford12603 жыл бұрын
I am studying auctions in my undergrad economics course. This video was a great revision!
@namitpandey18573 жыл бұрын
The wit of this channel is seriously under rated 😂
@runrafarunthebestintheworld3 жыл бұрын
Yeah herd mentality. 😅😅
@codingwithzak093 жыл бұрын
EE doesn’t know how to pronounce *Auctions*
@alunslatter4003 жыл бұрын
What else do you expect from an Oc-stralilan??
@neomashego3 жыл бұрын
*Octions*
@lachiechapman3 жыл бұрын
How do you pronounce it @ZaksApps?
@kingdomovies3 жыл бұрын
He’s aussie mate
@jej_x3 жыл бұрын
have you heard of the word 'accent'?
@TrevKen3 жыл бұрын
Here's what annoys me right now: The Nobel Prize for Economics has been awarded to someone for an obvious observation about auctions - which only serves to help sellers. Nothing about addressing record inequality.
@kairon1563 жыл бұрын
If you have a solution that can be implemented to solve inequality by the end of 2021 you can go for the next Nobel Prize.
@andrasbiro30073 жыл бұрын
That's a political problem, not economical. Economics has many different solutions, governments can just pick one at any time. The problem is that the rich usually buy the politicians who then create policies that help the rich, which in turn increases inequality. So, again, it's a political problem. And the solution is democracy. I mean a real one, not the pretend democracies we see in many countries, including the US.
@TrevKen3 жыл бұрын
@@kairon156 Funny you should say that, I'm working on a new theory I'm delivering via video essay on my channel.
@josephhuard76523 жыл бұрын
Yes, how dare people focus on questions that interest them rather than solving the problems some random nobody on the internet expects them to. How terrible of them. Let's just ignore the fact that the seller in this example was the government, which means this directly benefits the public, they didn't address your personal pet peeve, therefore they are bad. /s
@TrevKen3 жыл бұрын
@@josephhuard7652 I was complaining that it won the top award, not that someone made the achievement or even that it was recognised.
@TheEastwoodMan3 жыл бұрын
Is competitive spelled "competative" in Australia?
@ispty3 жыл бұрын
This channel is awesome. Congrats. I think most people will learn more here than going to school and college together
@ddobefaest93343 жыл бұрын
Always look further independently though. A KZbin video that gives the full story with both sides of the coin and enough context and details AND be entertaining is pretty rare.
@campbellmorrison85403 жыл бұрын
OK I can see how this works with a range of purchases within a single market and the total number of gains is related to the value but I don't see how this works with a land purchase that has some dependence on adjoining land that wasn't up for sale. I can see a developer offering the adjoining land owner a price before the auction but the same applies, if the land owner accepts the offer and the developer doesn't win the auction its dead. If the adjoining land owner doesn't accept the offer and the auction goes ahead then the developer will probably not bid. BUT the winner might then go back to the adjoining owner and offer more which they accept but the bottom line is the original owner will not get the highest price.
@mr_legendaryguy98703 жыл бұрын
I'm confused. If the US did it in 1995, what makes it an award winning solution now?
@VilleKivinen3 жыл бұрын
Theory behind it.
@kairon1563 жыл бұрын
I was wondering this too, But this sort of thing happens from time to time. Someone gets 15 minutes of fame for making an old idea popular again.
@fwingebritson3 жыл бұрын
@@kairon156 And he overlooked the fact that the FCC selling bandwidth in 1994 pissed a lot of people off and unleashed the fearmongers. Now the FCC is looking to do the same in a less conspicuous way. It's still making people grumble.
@jej_x3 жыл бұрын
There is a backlog of things for the nobel prizes.
@ddobefaest93343 жыл бұрын
@@fwingebritson You've got to link the details to this. I remember this story but I can't remember the source. The auction in the U.S was supposed to be more efficiently and fairly allocated, so they hired some game theorists to design the auction but the theorists sided with the economic interests of the people who hired them or something, ended up designing the auction to just generate as much revenue for the government as they could. I can't remember it all correctly. Need to find the story again.
@antonywerner30183 жыл бұрын
in Germany we use the dutch auction for subsidizes in the coal Exit but you can undercut.
@gumerzambrano3 жыл бұрын
Love your vids man!
@EconomicsExplained3 жыл бұрын
👊
@pabloninoperez71453 жыл бұрын
@@EconomicsExplained ni vid ;). Question: if that new type of auction was invented before 1996 why are they reciveing the price now?
@feat.cicero46383 жыл бұрын
Great video! Just remember 11:26 It is *competitive* , not compet-a-tive
@funtechu3 жыл бұрын
18:25 the poor guy at the end only gets the band.
@FingeringThings3 жыл бұрын
Give it to EE, he deserves it
@taylormartinez33943 жыл бұрын
Economists Explained needs a Nobel Price
@josephcaouette3 жыл бұрын
The initial problem and resulting solution reminds me alot of RISKS initial troop deployment strategies. Collusion, betrayal, and speculation included 😆
@adamdewaal3403 жыл бұрын
Awesome video! I think a really interesting video would be on banks and financial instruments moving away from LIBOR as the reference rate, the scandals' involved and the effect it will have on the economy would be incredible. interesting.
@JohnSmith-qq7fm3 жыл бұрын
I thought the title was how to RUIN an auction when I clicked on it. I'm rather disappointed that it didn't provide any useful tips.....
@flipletape97063 жыл бұрын
You mentioned Mcaffee, yes, that Mcaffee. You should do a video on him! It's the most fascinating story about money I've ever heard. His whole story is just way stranger than fiction. And there's so much that he did that you can learn about on what you should, and especially should not do with money.
@040040919 Жыл бұрын
What is the difference between a continous multi-round auction and a continous market? By continous market, I mean a limit order book where you can buy, sell, buy-back, and sell-back assets.
@KnowArt3 жыл бұрын
In a videogame I've seen a teeerrrrible auction that's still very intriguing. You pay your bid. You don't get it back. This means that it won't sell for a price that's anywhere near it's value, so the buyer gets a bargain. However the seller gets a heap-load of money from all bidders combined that didn't make it. In this game it worked fine, although it was quite frustrating as a buyer to lose, but I wonder how this would be in real
@elegantbiscuityt3 жыл бұрын
That's a lottery.
@fagelhd3 жыл бұрын
It s also called poker
@wigglebot23683 жыл бұрын
Not really an auction
@GaliaMinecraft3 жыл бұрын
You could probably make this a series. Learing what nobel ecomomists contriubuted would be quite interesting.
@cmep2 жыл бұрын
This is awesome. Good on these guys!
@rensvisser65043 жыл бұрын
The title make it sounds "The nobel prize is A auction".
@AlbertoNeurohr3 жыл бұрын
Wait, if the FCC was already using these types of auctions in 1994, then why did those guys get the Nobel Prize?
@kosie19913 жыл бұрын
The Nobel prize can lag a long time behind the actual discovery or paper. It looks like they developed this auction in response to the FCC's needs. In addition and in general, you can only be sure that something is important or impactful after the discovery has some time to settle and spread. In this case we saw real world examples of the auction working well over the course of decades.
@OtoGodfrey Жыл бұрын
18:16 Riga, Latvia!!!!! So random, but so nice!
@KoreyThatcher3 жыл бұрын
I’m becoming your patron sir!!! You make economics fun. Thanks a bunch!
@johnyf.q.80433 жыл бұрын
Not things of "value", things they (the individual agents) deem valuable, there is all the difference in the world. "When I discussed the nature of value, I observed that value is nothing inherent in goods and that it is not a property of goods. But neither is value an independent thing. There is no reason why a good may not have value to one economizing individual but no value to another individual under different circumstances." - Carl Menger
@steak55993 жыл бұрын
I am surprised you knew about the RTX 3080 situation, and I shall be crying myself to sleep tonight.
@b.cdrisk20353 жыл бұрын
Thank you for recognizing the achievements of Dr. Walter White
@tawandamachona44813 жыл бұрын
Learning Economics that actually works, kudos!!!
@finlaymcnally2133 жыл бұрын
Why did I think EE won the Nobel prize for economics when I first read the title ?
@THETRIVIALTHINGS3 жыл бұрын
Dyslexia?
@stephensheppard3 жыл бұрын
Interesting overview of the work behind this year's Nobel prize. I'd like to recommend it to my class, but the misspelled "competative" at 11:26 (should be competitive) is kind of a deal-breaker. Any way it could be fixed?
@samuraijosh15952 жыл бұрын
It doesn't matter. Or, you can do some minor basic editing yourself.
@fatihaltn62503 жыл бұрын
Is Acorn available in Europe ? I can only see that its available only for US residents
@iamtheV0RTEX3 жыл бұрын
I feel like this video is seller-biased. Throughout the video, EE conflates "the best price" with "the highest possible price that results in a sale" which is true only for the seller. To a buyer, the best possible price is the lowest possible price that results in them acquiring the item. In an auction, there is a price range between the 2nd highest bidders' maximum bid and the 1st highest bidders' maximum bid that is a viable sale price (any lower and there are multiple buyers; any higher and there are no buyers). Whether the price is set at the bottom end of that range or the high end of that range determines who benefits more, the buyer or the seller, but saying that only the seller's interests matter is flawed.
@14vimalk3 жыл бұрын
The seller sets the auction format. So I suppose "best price" isn't too wrong a usage in the context.
@whatthepick3 жыл бұрын
Good timing for auctions theory with the Show Me The Monet selling for almost 10 million at auction