The Google AdWords algorithm is (famously) an auction system for allocating a massive amount of online ad space in real time--with that fascinating use case in mind, this episode is part one in a two-part series all about auctions. We dive into the theory of auctions, and what makes a "good" auction.

Relevant links:

https://en.wikipedia.org/wiki/English_auction

http://people.ischool.berkeley.edu/~hal/Papers/2006/position.pdf

http://www.benedelman.org/publications/gsp-060801.pdf