18.
Consider the following statements about auction theory
1- It studies how auctions are designed, what rules govern them, how bidders behave and what outcomes are achieved.
2- The Nobel Prize 2020 in Economic Sciences was awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”
3- The way Auction designed, has a tremendous impact not just on the buyers and the sellers but also on the broader society.
Which of the following given above is/are correct