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Big Money Auctions

Thursday 7 December, 6.30pm
Old Theatre, Old Building, LSE

Game theory has transformed the face of economics in recent years. One of its successes has been its role in the design of auctions.

Professor Ken Binmore led the team of economists who designed the auction used by the British government to sell spectrum licences for the next generation of cellular telephones. It raised $36 billion for the Treasury, making it one of the biggest auctions of all time.

In a public lecture at the London School of Economics, Professor Binmore reviews the design process and compares the British sale with the experience of other European countries.

Professor Binmore said: 'The big money raised in the recent round of European telecom auctions, $35 billion in Britain and $45 billion dollars in Germany, demonstrates the scale of the opportunities.'

This public lecture is not ticketed and is free and open to all. For further information please call 020 7955 6043.

Ends

Journalists are invited to attend this lecture.

For further information or to reserve a seat please contact Susanne Baker, Press Office, on 020 7955 7060 or email pressoffice@lse.ac.uk|

Notes for Editors

Ken Binmore is Leverhulme Research Professor of Economics at UCL. His textbook Fun and Games describes the game theory behind auction design.

28 November 2000

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