Question

This economist proposed a system of “cumulative averaging” to limit the tax advantage of capital gains. This economist argued that a 300-dollar car imposed a 23,000-dollar tax on cities in the form of road spending in a series of papers that led him to be called the “father of congestion pricing.” This economist’s name is (-5[1])the [emphasize] first in a mechanism that uses a “Clarke pivot rule” to stay DSIC (“D-S-I-C”). This economist drew on Abba Lerner’s idea of “counterspeculation” in a paper that gave an early proof of the revenue equivalence theorem. That paper’s result generalized (10[1])into a system co-named for him, Edward Clarke, and Theodore Groves. (10[3])This economist names a system in which the winner pays the second-highest (10[1]-5[1])bidder’s (-5[1])price. (10[3])For 10 points, (10[1]-5[1])name this economist who pioneered auction theory (10[1])with his namesake sealed bid auction. ■END■ (10[1]0[17])

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