William Vickrey


William Vickrey

Infobox Scientist
name = William Vickrey


image_size = 180px
birth_date = birth date|1914|6|21|mf=y
birth_place = Victoria, British Columbia, Canada
death_date = death date and age|1996|10|11|1914|6|21|mf=y
death_place = Harrison, New York, USA
nationality = Canada
field = Economics
work_institution = Columbia University 1946-82
alma_mater = Columbia University PhD 1948
Yale University BA 1935
doctoral_advisor = Robert Murray Haig
doctoral_students =
known_for = Moral hazard Revenue equivalence theorem Congestion pricing
prizes = Nobel Memorial Prize in Economics (1996)

William Spencer Vickrey (June 21, 1914, Victoria, British Columbia - October 11, 1996, New York State) , US citizen in 1945, 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.

He was in his economic thought inspiredby John Maynard Keynes and a sharp critic of
Chicago School (economics) and the political focus on balanced budgets and inflation in times with great repression and unemployment.

Vickrey attended Phillips Academy, Andover and Yale College, and did his graduate work at Columbia University.

Among his prominent graduate students and proteges at Columbia were economists Lynn Turgeon and [http://www.harveyjlevin.com Harvey J. Levin] .

ee also

* Vickrey auction
* Road pricing
* London congestion charge
* Electricity market
* List of economists
* List of think tanks
* Georgism

External links

* [http://www.columbia.edu/dlc/wp/econ/vickrey.html William Vickrey: 15 fatal fallacies of financial fundamentalism]
* [http://www.nobel.se/economics/laureates/1996/vickrey-bio.html Nobel Laureate Biography of William Vickrey]
* [http://ideas.repec.org/e/pvi9.html IDEAS/RePEc]


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  • William Vickrey — (né le 21 juin 1914, à Victoria en Colombie Britannique, et mort le 11 octobre 1996 dans l État de New York) fut un économiste américain. Professeur à l université Columbia, sa carrière fut couronnée en 1996 par le « Prix Nobel » d économie. Il …   Wikipédia en Français

  • William Vickrey — Nombre William Spencer Vickrey Nacimiento …   Wikipedia Español

  • William Vickrey — William Spencer Vickrey (* 21. Juni 1914 in Victoria, British Columbia; † 11. Oktober 1996 in New York) war ein US amerikanischer Ökonom kanadischer Herkunft. Im Jahr 1996 erhielt er gemeinsam mit James Mirrlees den Preis für… …   Deutsch Wikipedia

  • William Vickrey — A Canadian economist who won the Nobel Prize in Economics in 1996, along with James Mirrlees, for his work on information asymmetry. Vickrey used principles of game theory to describe the functioning of auctions. He also helped to develop a model …   Investment dictionary

  • William Spencer Vickrey — (* 21. Juni 1914 in Victoria, British Columbia; † 11. Oktober 1996 in New York) war ein US amerikanischer Ökonom kanadischer Herkunft. Im Jahr 1996 erhielt er gemeinsam mit James Mirrlees den Preis für Wirtschaftswissenschaften der schwedischen… …   Deutsch Wikipedia

  • Vickrey — bezeichnet den Wirtschaftsnobelpreisträger des Jahres 1996 William Vickrey sowie die nach ihm benannte Vickreyauktion. Diese Seite ist eine Begriffsklärung zur Unterscheidung mehrerer mit demselben Wort bezeichneter Begrif …   Deutsch Wikipedia

  • Vickrey-Clarke-Groves — Enchère de Vickrey Une enchère de Vickrey ou enchère au second prix est un type d enchère à plis fermés où le lot est attribué au plus offrant mais au prix donné par le deuxième plus offrant. Elles portent le nom de William Vickrey, qui a… …   Wikipédia en Français

  • Vickrey auction — 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… …   Wikipedia

  • Vickrey-Auktion — Die Vickreyauktion ist eine Auktionsform. Sie ist auch unter der Bezeichnung Zweitpreisauktion (Second Price Sealed Bid Auction) bekannt. Die Vickreyauktion ist nach ihrem Erfinder, dem Nobelpreisträger William Vickrey, benannt und zeigt ihre… …   Deutsch Wikipedia

  • Vickrey —   [ vikri], William, S., kanadischer Volkswirtschaftler, * Victoria 21. 6. 1914, ✝ New York 11. 10. 1996; Professor an der Columbia University in New York (1958 81), Mitbegründer der Informationsökonomie. Vickrey erhielt 1996 zusammen mit J. A.… …   Universal-Lexikon


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