Going Once, Going Twice: Auctions (Part 1)

The Google AdWords algorithm is (famously) an auction system for allocating a massive amount of online ad space in real time--with that fascinating use case in mind, this episode is part one in a two-part series all about auctions. We dive into the theory of auctions, and what makes a "good" auction. Relevant links: https://en.wikipedia.org/wiki/English_auction http://people.ischool.berkeley.edu/~hal/Papers/2006/position.pdf http://www.benedelman.org/publications/gsp-060801.pdf