In and amongst all of the happenings in the world this year these awards have kind of flown under the radar which is unfortunate because they all recognized some very remarkable works.And in the field of economics, it all had to do with auctions. Auctions and Auction Theory are one of the most important systems to understand in economics because they act as an efficient way to build markets and correctly determine how we value items. In this episode of Economics Explained, we will explore the following questions: What should the average person or aspiring economist know about Auction Theory? What did the winners of this year's Nobel prize contribute to this theory? And how can this be utilized to build better and more efficient economies? Learn more about your ad choices. Visit megaphone.fm/adchoices