A mission-oriented approach to transform capitalism is the only way make progress towards sustainable development, argues Mariana Mazzucato.

In this lecture, we study several types of auctions, and we introduce the Envelope Theorem (E.T.) to analyze the payoffs for the auctions. The expected payoff in each case is found to be the expectation of the second highest valuation. The VickreyClarke-Grove (VCG) allocation mechanism is used in a generalized scenario of the auctions, and it produces a dominant strategy with the resulting Nash...