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After obtaining his B. Career[ edit ] Vickrey was the first to use the tools of game theory to explain the dynamics of auctions. The revenue equivalence theorem remains the centrepiece of modern auction theory. The Vickrey auction is named after him. The theory was later partially put into action in London. In public economics , Vickrey extended the Georgist marginal cost pricing approach of Harold Hotelling  and showed how public goods should be provided at marginal cost and capital investment outlays financed with land value tax.
Vickrey wrote that replacing taxes on production and labor "including property taxes on improvements" with fees for holding valuable land sites "would substantially improve the economic efficiency of the jurisdiction". He also made an ethical argument for Georgist value capture , noting that owners of valuable locations still take exclude others from local public goods, even if they choose not to use them, so without land value tax, land users have to pay twice for those public services once in tax to government and once in rent to holders of land title.
Levin ,  and Lynn Turgeon. He was a Quaker and a member of Scarsdale Friends Meeting.
Counterspeculation, Auctions, And Competitive Sealed Tenders
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