The 2020 Nobel Prize in Economics: Explained | Economics Explained

[@EconomicsExplained]

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-darkphoton]

hi

[@villeguilliet6845]

@@AndrewMellor-darkphoton yubvk

[@zombiekilldemon]

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.

[@davidjohansson1416]

Sveriges riksbank = swedish central bank

[@olanrewajuadeniji8974]

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

[@EconomicsExplained]

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-darkphoton]

hi

[@lesterpioquinto9266]

I saw their story on fb!!!!

[@truthwatcher1808]

I'm confused. if this was first used in 1995. why is the nobel prize just given out now?

[@chilenozo]

@@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.

[@chilenozo]

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!

[@fahmimansor]

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.

[@dishantkumbhar8822]

That's the reason for their nobel prize

[@ysiabmworkinggroup3049]

Great idea!! Just saw one on the related one from 1996. Can recommend it: kzbin.info/www/bejne/m4mTdKd5hs-Ggqc

[@IT-sq5rj]

This guy is probably pension age now.

[@user-gu1hl2kx2k]

Trump won one

[@ns7023]

Yup yup yup yup

[@You_do_not_exist_Jack]

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.

[@wesch6354]

Thats because only the Dutch would look at something and say "how could we possibly do it backwards?"

[@Inforza]

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

[@IronPickAx]

You must be a chess player

[@agrajmishra6128]

Why not French?

[@emerald39]

@@agrajmishra6128 Correct answer

[@arw000]

"Bid on that new RTX 3080 before crying yourself to sleep" too real... I need nap now...

[@insane_troll]

Or alternatively you could just wait a few months.

[@shramo]

@@insane_troll Not sleeping for a few months is pretty dangerous...

[@steak5599]

@@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...

[@EconomicsExplained]

:(

[@zhuljens]

Was it in the video?

[@LocusJay]

Can this be a series? Like, go through the Nobel prizes throughout the years? Or at least the fun ones?

[@darkelwin02]

Spoiler, a lot of them are all from the exact same school of economics.

[@jhonklan3794]

yes pleaseeee

[@typicalgamer5560]

@@darkelwin02which one ?

[@michelmiyat]

The chemestry footage cracked me up 0:16 😂

[@jonathanozik5442]

lol

[@0xjrr]

yep, looking for this one, to the top you should go

[@WhyWorldSucks]

I came to the comment section to find this comment. :p

[@entropicpedro]

Only reason I came to the comment section

[@mungjr]

cracked...I see what you did there

[@sacha8416]

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.

[@jcris8238]

yeah . i don't know what else to type.

[@ddobefaest9334]

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.

[@ysiabmworkinggroup3049]

I think this series will do exactly that: kzbin.info/www/bejne/m4mTdKd5hs-Ggqc

[@shramo]

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.

[@EconomicsExplained]

Get in looser, we are fixing prices!

[@Charlie-et4td]

Heard the intro and heard ocshuns, and I was so confused until about 10 seconds in lol.

[@voxhominem]

I thought he was saying option until it came up on the screen

[@yukionna1649]

Why do I feel like I'm about to find out the American alternative pronunciation is something horrific like "our-k-tea-ohn"?

[@RockWontDie14]

What other pronunciations are there?

[@macaroon_nuggets8008]

@@yukionna1649 I am American and I prnouce it Auck-shun.

[@voxhominem]

@@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

[@zombiekilldemon]

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.

[@zombiekilldemon]

@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.

[@BenjaminFife]

"Economics is a study of how people interact with things of value" - I really like how you said that.

[@jon7911]

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”.

[@philippbeckonert1678]

: 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_Fruit]

There’s also no prize in mathematics. It’s been rumored (falsely) that Nobel’s wife ran off with a mathematician

[@Croz89]

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.

[@dannygray4618]

“Okshuns” is triggering me so hard. TIL how auctions is said in Australia.

[@sjwbond2]

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

[@oppionatedindividual8256]

@@sjwbond2 he means the word Australia I think lol

[@lancejohnson8388]

@@sjwbond2 weird, as I don't think I have heard an Australian say auction in any other way.

[@sjwbond2]

@@lancejohnson8388 Vic/NSW thing? My colleagues are all from there...

[@goyindi]

I am Australian and yes i also say "okshun"

[@Quickonomics]

Well, the price is probably not the only thing that starts really _high_ at a Dutch auction...

[@EuropeanQoheleth]

Heh heh

[@shakenbake9250]

I see what you did there...

[@acey457]

like snoop dogg rolling a cannabis weed blunt joint

[@martiddy]

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.

[@arpitdas4263]

Surprised this comment hasn't been flooded already

[@AusieGamer834]

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.

[@nicholaswoollhead6830]

As a student of international politics and economics I couldn't be more thankful for the amazing videos you put out.

[@Dukenukem]

"People are behaving illigically" is the most logical thing you can come up after observing "The people" for a while

[@ML-gg5ij]

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.

[@hardlyb]

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.

[@xXWorldgamefunXx]

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.

[@notkimjongun3752]

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

[@raidzharif]

i just love how EE showed that Walter White van for Chemistry. Heisenburg surely be proud "You're god damned right"

[@sqalcher]

Stock video at 18:23 is simply hilarious

[@otsok]

Fun fact: Robert Wilson has supervised the dissertations of three other Nobel price winners: Alvin Roth, Bengt Holmstrom and Paul Milgrom.

[@hostilemonkey]

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.

[@Bethlehem0BC]

Thanks for the video - Economics undergrad here! Please do Nobel coverage every year in Layman's terms! Very helpful and much appreciated!

[@enderw.1724]

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_youtube]

The ad transitions are just so well timed! It makes my marketing heart melt ❤️

[@runrafarunthebestintheworld]

It looks great and it's comforting since people might be still working on the weekends. 😅

[@ddobefaest9334]

It's almost as if this video was made in a supporting way around this advert! : O

[@klausnielsen7102]

Yes you are struggling with , Skåne...

[@Croz89]

Sk-or-neh?

[@axelnils]

@@Croz89 or go with the English name, Scania.

[@EvilChris2010]

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.

[@beastlybongos9678]

Idk why everyone's hating on the way you say auction it sounds fine to me

[@rreinehr1]

Don’t hear it either... 🤷‍♂️

[@kingdomovies]

Some people don’t realise that people have different accents lol

[@JGeMcL]

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_Inc]

Yeah.

[@deltabeta5527]

I just don't care how it is pronounced. It's understandable and that's all matters.

[@NoName-zv7ju]

It would be great if you did this every year for the winner in economics , as you break it down very well

[@ysiabmworkinggroup3049]

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 :)

[@adamanderson1979]

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

[@robertewalt7789]

Stock exchanges, commodities exchanges, etc. also are auctions. Potential buyers and sellers are bidding.

[@flosam9870]

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?

[@azazzelx]

that new auction format...its kinda elegant if you look more into it...

[@dan_rad]

11:26 *competitive... Sorry for being that guy. Great video.

[@PoPax186]

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

[@CosmiaNebula]

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

[@axelnils]

They aren’t Nobel prizes though

[@Dargubus93]

I hear oligopsony. Just remebered that EE thought us about monopsony a view videos earlier, so we all directly understand.

[@morriskaller3549]

That butchering of "Sveriges riksbank" hit me differently

[@KFanVid]

...och Skåne.

[@fdumbass]

Seeing a Swedish person online hits differently 😞

[@fdumbass]

Kansje det hadde vært bedre å bare oversette til engelsk

[@EmmaWithoutOrgans]

@@fdumbass inte en dansk 😭

[@fdumbass]

@@EmmaWithoutOrgans Jeg er norsk 😢

[@blahokay1]

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.

[@DerH0ns]

The nobel price for economics isn't a real one though

[@juane.bourdette1008]

Chemistry nobel price reference at the begining...well played, got my upvote righ there

[@gabbyn978]

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.

[@W00ge]

actual explanation starts at 17:20

[@savyblizzard6481]

This is exactly the video I was wanting. Thank you so much!

[@ForestFWhite]

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.

[@harshaldesai5393]

EE should also be given a Nobel prize for making economics understandable to a layman.

[@Zaibech]

I feel like the collusion behind the previous FCC auctions should've been talked about further.

[@LIFEwithBAVAN]

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)?

[@barryflynn3025]

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.

[@haroldsebastian7391]

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 😁✌

[@DeadDancers]

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,

[@ysiabmworkinggroup3049]

Mostly first price auctions are popular for property. Just saw this in a related video: kzbin.info/www/bejne/m4mTdKd5hs-Ggqc

[@falxie_]

That's a surprisingly simple and obvious auction system in retrospect

[@sk-noraslaytore9435]

Dammit your economic videos are too good. You earned my subscription! Not to merit but still!

[@ERROR204.]

Great video but honestly this many ads is starting to make it cancel out

[@bernardokrolo2275]

This is realy good channel..i never guess that some Aussi can be smart

[@nurainiarsad7395]

I think my business team bid our biggest contract under this format. Didn’t realise it was cutting edge.

[@Ali24219]

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)

[@todornedyalkov5510]

Maybe not the most exciting of topics, but very ,very important ,I needed that.

[@JoeVirella]

Loved the Breaking Bad reference 😆

[@unknownyoutuber2007]

The video length of 22:22 is aestheticly pleasing to me for some reason.

[@AmongRocks]

i would love more nobel prize in economics videos

[@ddobefaest9334]

I would love any at all. ba-dum-chh

[@nefwaenre]

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.

[@nathanbrown492]

11:08, and if you account for complex zoning laws and NIMBYism which also constrain the Value of a property (both Private and Common)

[@mildredoxford1260]

I am studying auctions in my undergrad economics course. This video was a great revision!

[@namitpandey1857]

The wit of this channel is seriously under rated 😂

[@runrafarunthebestintheworld]

Yeah herd mentality. 😅😅

[@codingwithzak09]

EE doesn’t know how to pronounce *Auctions*

[@alunslatter400]

What else do you expect from an Oc-stralilan??

[@neomashego]

*Octions*

[@lachiechapman]

How do you pronounce it @ZaksApps?

[@kingdomovies]

He’s aussie mate

[@jej_x]

have you heard of the word 'accent'?

[@TrevKen]

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.

[@kairon156]

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.

[@andrasbiro3007]

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.

[@TrevKen]

@@kairon156 Funny you should say that, I'm working on a new theory I'm delivering via video essay on my channel.

[@josephhuard7652]

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

[@TrevKen]

@@josephhuard7652 I was complaining that it won the top award, not that someone made the achievement or even that it was recognised.

[@TheEastwoodMan]

Is competitive spelled "competative" in Australia?

[@ispty]

This channel is awesome. Congrats. I think most people will learn more here than going to school and college together

[@ddobefaest9334]

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.

[@campbellmorrison8540]

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_legendaryguy9870]

I'm confused. If the US did it in 1995, what makes it an award winning solution now?

[@VilleKivinen]

Theory behind it.

[@kairon156]

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.

[@fwingebritson]

@@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_x]

There is a backlog of things for the nobel prizes.

[@ddobefaest9334]

@@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.

[@antonywerner3018]

in Germany we use the dutch auction for subsidizes in the coal Exit but you can undercut.

[@gumerzambrano]

Love your vids man!

[@EconomicsExplained]

👊

[@pabloninoperez7145]

@@EconomicsExplained ni vid ;). Question: if that new type of auction was invented before 1996 why are they reciveing the price now?

[@feat.cicero4638]

Great video! Just remember 11:26 It is *competitive* , not compet-a-tive

[@funtechu]

18:25 the poor guy at the end only gets the band.

[@FingeringThings]

Give it to EE, he deserves it

[@taylormartinez3394]

Economists Explained needs a Nobel Price

[@josephcaouette]

The initial problem and resulting solution reminds me alot of RISKS initial troop deployment strategies. Collusion, betrayal, and speculation included 😆

[@adamdewaal340]

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-qq7fm]

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.....

[@flipletape9706]

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]

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.

[@KnowArt]

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

[@elegantbiscuityt]

That's a lottery.

[@fagelhd]

It s also called poker

[@wigglebot2368]

Not really an auction

[@GaliaMinecraft]

You could probably make this a series. Learing what nobel ecomomists contriubuted would be quite interesting.

[@cmep]

This is awesome. Good on these guys!

[@rensvisser6504]

The title make it sounds "The nobel prize is A auction".

[@AlbertoNeurohr]

Wait, if the FCC was already using these types of auctions in 1994, then why did those guys get the Nobel Prize?

[@kosie1991]

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]

18:16 Riga, Latvia!!!!! So random, but so nice!

[@KoreyThatcher]

I’m becoming your patron sir!!! You make economics fun. Thanks a bunch!

[@johnyf.q.8043]

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

[@steak5599]

I am surprised you knew about the RTX 3080 situation, and I shall be crying myself to sleep tonight.

[@b.cdrisk2035]

Thank you for recognizing the achievements of Dr. Walter White

[@tawandamachona4481]

Learning Economics that actually works, kudos!!!

[@finlaymcnally213]

Why did I think EE won the Nobel prize for economics when I first read the title ?

[@THETRIVIALTHINGS]

Dyslexia?

[@stephensheppard]

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?

[@samuraijosh1595]

It doesn't matter. Or, you can do some minor basic editing yourself.

[@fatihaltn6250]

Is Acorn available in Europe ? I can only see that its available only for US residents

[@iamtheV0RTEX]

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.

[@14vimalk]

The seller sets the auction format. So I suppose "best price" isn't too wrong a usage in the context.

[@whatthepick]

Good timing for auctions theory with the Show Me The Monet selling for almost 10 million at auction