FACTOID # 114: People in Germany, Belgium, Hungary and Sweden have to pay almost half their salaries in tax.
 
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Encyclopedia > William Vickrey

William Spencer Vickrey (June 21, 1914, Victoria, British Columbia - October 11, 1996, New York State) was a Columbia University professor, who was awarded the Nobel Memorial Prize in Economics just three days before he died. is the 172nd day of the year (173rd in leap years) in the Gregorian calendar. ... Year 1914 (MCMXIV) was a common year starting on Thursday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ... Location of Victoria within the Capital Regional District in British Columbia, Canada Country Canada Province British Columbia Regional District Capital Incorporated 1862[1] Government  - Mayor Alan Lowe (past mayors)  - Governing body Victoria City Council  - MP Denise Savoie  - MLAs Carole James, Rob Fleming Area [2]  - City 19. ... is the 284th day of the year (285th in leap years) in the Gregorian calendar. ... Year 1996 (MCMXCVI) was a leap year starting on Monday (link will display full 1996 Gregorian calendar). ... State nickname: Empire State Other U.S. States Capital Albany Largest city New York Governor George Pataki Official languages None Area 141,205 km² (27th)  - Land 122,409 km²  - Water 18,795 km² (13. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual...


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. James Alexander Mirrlees (born July 5, 1936, Minnigaff, Scotland) is a Scottish economist and winner of the 1996 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ...


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. Year 1961 (MCMLXI) was a common year starting on Sunday (link will display full calendar) of the Gregorian calendar. ... The Journal of Finance is an academic journal published by the the American Finance Association (AFA) since 1946. ... Game theory is often described as a branch of applied mathematics and economics that studies situations where multiple players make decisions in an attempt to maximize their returns. ... Auction theory is an applied branch of game theory which deals with how people act in auction markets and researches the game-theoretic properties of auction markets. ... 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. ...


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. Vickrey attended Yale College and did his graduate work at Columbia University. Road pricing is a generic term for charging for the use of roads using direct methods, charging the users of a specific section of the road network for its use. ... This article is about the capital of England and the United Kingdom. ... For other uses, see Yale (disambiguation). ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ...


See also

Road pricing is a term that refers to the charging for the use of streets and roads. ... The white-on-red C marks all entrances to the congestion charge zone although in some areas the charge zone is poorly signed, and accidental journeys into the zone can occur The London congestion charge is a fee for some motorists entering the Central London area. ... An electricity market is a system for effecting the purchase and sale of electricity using supply and demand to set the price. ... This is an alphabetical list of notable economists. ... This article is a list of think tanks by country. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual...

External links

  • Nobel Laureate Biography of William Vickrey

  Results from FactBites:
 
Political Economics, How to Get Rich, P. P. Quimby (2920 words)
Vickrey has written a little on his scheme for "inflation warrants" which would levy a tax on firms that raised their prices; it resembles a value-added tax and would not be designed to collect much revenue -- only to enable the Fed and the Fisc to drive unemployment to perdition.
Vickrey is a dogged and stalward progressive who remembers exactly what the unemployment rate was in 1926 (1.9 percent in peacetime) and thinks that was a pretty good example.
William Vickrey is one of the truly important figures in contemporary economics.
William S. Vickrey, June 21, 1914—October 11, 1996 | By Jacques H. Drèze | Biographical Memoirs (4297 words)
William Vickrey was born in 1914 in Victoria, British Columbia (Canada).
Vickrey was a distinguished fellow of the American Economic Association (president, 1992) and a fellow of the Econometric Society.
Vickrey noted that a given grade of fire protection is a matter of providing an engine company within a suitable number of minutes of travel time, and concluded that the appropriate charge should be a matter of land area (rather than property value under current practice).
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