Auction of public resources and profit

Any sale must be designed to serve the common good, not to maximise revenues

Auction theory has attracted a great deal of attention from economists since William Vickrey, who got the economics Nobel in 1996, wrote his pioneering article on the subject in 1961. Last week, the 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (popularly known as Nobel Prize for Economics) was awarded to Paul R Milgrom and his PhD supervisor at Stanford, Robert B Wilson. They have made many contributions to auction theory; but they are best known for designing an innovation in auction methods for the Federal Communication Commission in the US called the Simultaneous Multiple Round