William Spencer Vickrey

Picture of William Spencer Vickrey

Date of Birth: 06/21/1914

Age: 82

Place of birth: Victoria

Citizenship: Canada

Nobel Prize for three days before his death,

William Spencer Vickrey (William Spencer Vickrey) born June 21, 1914 in Victoria, British Columbia, Canada (Victoria, British Columbia, Canada). He went to school at Phillips Academy in Andover, Massachusetts (Phillips Academy; Andover, Massachusetts). Once in 1935, Vickrey became a Bachelor of Science (Mathematics) at Yale University (Yale University), he continued his education. In 1937 he became a master at Columbia University, and in 1948, where he also received his doctorate. At Columbia University he remained for most of his career.

His work `Counterspeculation, auctions and competitive sealed tenders` was the first of its kind, which used the mechanisms of game theory in order to explain the dynamics of trading. In his work shows an example Vickrey games with continuous strategy, where it is the dominant equilibrium, the so-called `auction Vikri` strategically similar to the English auction. Algorithm of odnoraundnogo auction closed type, which provides the right to purchase the participant, who proposed the maximum bet, but the purchase is done on the second maximum rate, called Vickrey Auction.

Working on taxation issues, pricing, resource allocation, etc., William categorically opposed the desire of politicians to a balanced budget. He said the importance of a balanced labor market and the main purpose of their work throughout their lives called the search for the optimal level of taxation. Vickrey was trying to establish the required amount of tax, which would stimulate workers, rather than overwhelming desire to work.

The economic philosophy Vickrey was formed under the influence of John Maynard Keynes (John Maynard Keynes) and Henry George (Henry George). He criticized the Chicago School of Economics (Chicago school of economics), the neoclassical school of thought in the academic economists, and seriously investigated the problem of combating inflation in the period of high unemployment.

The social economy expanded Vickrey marginal pricing approach in the context of the famous model of Harold Hotelling (Harold Hotelling). While teaching at Columbia University, Vickrey has published a number of eminent economists and their proteges, including Belgian Drezet Jacques (Jacques Dr & # 232; ze) and American Harvey J. Levin (Harvey J. Levin)..

Vickrey married Cecile Thompson (Cecile Thompson) in 1951, the year. He died in Harrison, New York (Harrison, New York), October 11, 1996 th, from heart failure. William was a Quaker and a member of a religious Christian community `Religious Society Druzey` (Religious Society of Friends); in the period from 1973 to 1977 he was the first director of the National Bureau of Economic Research (NBER).