The design or architecture of auctions can have a huge bearing on their final outcomes be it the auctioning off of 4G spectrum licences or the need for an efficient system for when the Bank of England is lending to commercial banks. This super short video from the Guardian reflects on the work of Paul Klemperer from Oxford University. The specific example covered in the video is the "product mix auction" - a system devised for when the Bank of England uses auctions to determine how to inject liquidity into the banking system.
Hammering LIBOR (The Economist)
The Devil is in the Detail (Tim Harford)
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