William Vickrey

Date of Birth: June 21, 1914

Zodiac Sign: Cancer

Date of Death: October 11, 1996

Biography

William Spencer Vickrey was a Canadian-American economist who made significant contributions to the field of economics, particularly in the areas of auction theory and public economics. Born in Victoria, British Columbia, Vickrey pursued his undergraduate studies at Yale University, where he earned a Bachelor’s degree in Mathematics in 1935. He continued his academic journey at Columbia University, obtaining his Ph.D. in 1947. Vickrey’s career included both academic and practical roles. He served as a professor at Columbia University, where he conducted pioneering research in auction theory, the economics of information, and public finance. His most notable work was on the theory of auctions, which laid the groundwork for what is now known as Vickrey auctions, a type of sealed-bid auction where the highest bidder wins but pays the second-highest bid. This work earned him the Nobel Memorial Prize in Economic Sciences in 1996, just days before his death. In addition to his academic contributions, Vickrey was actively involved in policy advisory roles. His ideas about congestion pricing for public utilities and transportation systems have had a lasting impact on modern-day economic policies.

5 Interesting Facts about William Vickrey

1. William Vickrey was awarded the Nobel Prize in Economic Sciences in 1996, just three days before his death.

2. He was a vocal advocate for economic policies aimed at reducing income inequality and improving public welfare.

3. Vickrey developed the concept of Vickrey auctions, which are still widely used in various fields including spectrum auctions for telecommunications.

4. He was a professor at Columbia University for over four decades, influencing generations of economists.

5. Vickrey was known for his unconventional ideas and often criticized mainstream economic policies.

5 Most Interesting Quotes from William Vickrey

1. “Economics is, almost by definition, about the optimal allocation of scarce resources.”

2. “My work has been aimed at finding a theoretical basis for the improvement of public policies.”

3. “The road to economic hell is paved with good intentions, and the best intentions are often the most destructive.”

4. “Auctions are a central economic mechanism, yet we know surprisingly little about them.”

5. “Public economics is more than a science; it is a social philosophy and an art.”

Highest Net Worth Achieved

While William Vickrey was not known for amassing personal wealth, his highest net worth was estimated to be modest, primarily derived from his academic salary and consulting fees.