William Vickrey

Information about William Vickrey

William Spencer Vickrey (born June 21, 1914 in Victoria, British Columbia - died October 11, 1996 in New York State) was a Columbia University professor, whose Nobel Memorial Prize in Economics was announced just three days before he died.

Vickrey was awarded the prize jointly with James Mirrlees for research into the economic theory of incentives under asymmetric information. An example of this is the situation where, for instance, the insured know more about their health than their insurer.

William Vickrey authored the seminal 1961 Journal of Finance paper, "Counterspeculation, auctions and competitive sealed tenders.", which was the first instance of an economist using the tools of game theory to understand auctions. In the paper, which has been described as being two decades ahead of its time, Vickrey not only derives several auction equilibria, but also provides an early revenue equivalence result. The revenue equivalence theorem remains the centrepiece of modern auction theory. The Vickrey auction is named after him.

He also did important work in congestion pricing, the idea that roads and other services should be priced so that users see the costs that arise from the service being fully used when there is still demand. Congestion pricing gives a signal to users to adjust their behaviour or to investors to expand the service in order to remove the constraint. His theory was later partially put into action in London.

Vickrey attended Yale College and did his graduate work at Columbia University.

Among his prominent graduate students and proteges at Columbia were economists Lynn Turgeon and Harvey J. Levin.

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Nobel Memorial Prize in Economics Laureates
Milton Friedman (1976) • Bertil Ohlin / James Meade (1977) • Herbert Simon (1978) • Theodore Schultz / William Arthur Lewis (1979) • Lawrence Klein (1980) • James Tobin (1981) • George Stigler (1982) • Grard Debreu (1983) • Richard Stone (1984) • Franco Modigliani (1985) • James M. Buchanan (1986) • Robert Solow (1987) • Maurice Allais (1988) • Trygve Haavelmo (1989) • Harry Markowitz / Merton Miller / William Forsyth Sharpe (1990) • Ronald Coase (1991) • Gary Becker (1992) • Robert Fogel / Douglass North (1993) • John Harsanyi / John Forbes Nash / Reinhard Selten (1994) • Robert Lucas, Jr. (1995) • James Mirrlees / William Vickrey (1996) • Robert C. Merton / Myron Scholes (1997) • Amartya Sen (1998) • Robert Mundell (1999) • James Heckman / Daniel McFadden (2000)
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics.
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Professor Sir James Alexander "Jim" Mirrlees, FBA (born 5 July 1936, Minnigaff, Wigtownshire) is a Scottish economist and winner of the 1996 Nobel Prize for Economics. He was knighted in 1998.
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A Vickrey auction is a type of sealed-bid auction, where bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins, but the price paid is the second highest bid. The auction was created by William Vickrey.
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Road pricing is a term used to cover all the various charges applied for the use of roads. The term includes fuel taxes, licence fees, tolls, and congestion charges, including those which may vary by time of day, by the specific road, or by the specific vehicle type, being used.
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London congestion charge is a fee for some motorists entering the Central London area. As of 2006 it is the largest city to have adopted a congestion charge model. The organisation responsible for the charge is Transport for London (TfL), with Capita Group operating the scheme
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics.
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Milton Friedman

Born July 31 1912(1912--)
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Bertil Gotthard Ohlin (pronounced ['bærtil u'li:n]) (23 April 1899 – 3 August 1979) was a Swedish economist and politician. He was a professor of economics at the Stockholm School of Economics from 1929 to 1965.
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James Edward Meade (June 23 1907, Swanage, Dorset – December 22 1995, Cambridge) was a British economist and winner of the 1977 Nobel Prize in Economics jointly with the Swedish economist Bertil Ohlin for their "Pathbreaking contribution to the theory of international trade
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Herbert Simon

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Theodore William Schultz (April 30, 1902 – February 26, 1998) was the 1979 winner (jointly with William Arthur Lewis) of the Nobel Memorial Prize in Economics.
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Sir William Arthur Lewis (January 23, 1915 – June 15, 1991) was a Saint Lucian economist well known for his contributions in the field of economic development. In 1979 he won the Nobel Prize in Economics, becoming the first black person to win a Nobel Prize in a category
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