(Elena Zhukova for the Stanford Graduate School of Business)
Auction insights win economics Nobel
This year’s Nobel Prize in Economic Sciences has been awarded to two scientists who work on an ancient form of transaction that has acquired new complexity and urgency in the modern age: the auction. Insights into auction theory made by Paul Milgrom and Robert Wilson have found applications ranging from the pricing of government bonds to the licensing of radio-spectrum bands. “These two not only did foundational work themselves, but also inspired cohorts of younger researchers,” says economist Diane Coyle.
Milgrom has given a Nobel-acceptance speech before: in 1996, he was a stand-in for William Vickery, who died three days after the announcement of his prize for laying the foundations of auction theory in the 1960s.
Nature | 4 min read
Milgrom has given a Nobel-acceptance speech before: in 1996, he was a stand-in for William Vickery, who died three days after the announcement of his prize for laying the foundations of auction theory in the 1960s.
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