William B. Vickrey

William B. Vickrey was a Canadian-American economist best known for his work on auction theory and pricing strategies. He introduced the concept of "second-price auctions," where the highest bidder wins but pays the second-highest bid, encouraging honest bidding. His ideas help improve markets like spectrum licenses and transportation. Vickrey's research earned him the 1996 Nobel Prize in Economics. His work combines theoretical rigor with practical applications, enhancing fair and efficient allocation of resources in various industries.