From auction theory to market design: Paul Milgrom and Robert Wilson’s contributions to Economics

The 2020 Economics Nobel Prize was awarded to Paul Milgrom and Robert Wilson. Both laureates have made seminal, crucial contributions to auction theory and practical market design. Here, we briefly describe those contributions and their significance within the general context of auction theory and p...

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Bibliographic Details
Published inEstudios económicos Vol. 38; no. 76; pp. 279 - 296
Main Authors Arozamena, Leandro, Fioriti, Andres, Weinschelbaum, Federico
Format Journal Article
LanguageEnglish
Published Editorial de la Universidad Nacional del Sur 01.01.2021
Editorial de la Universidad Nacional del Sur (Ediuns)
Subjects
Auctions
ECONOMICS
Market Design
Mechanism Design
mechanism design
diseño de mecanismos
subastas
auctions
market design
diseño de mercados
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Summary:The 2020 Economics Nobel Prize was awarded to Paul Milgrom and Robert Wilson. Both laureates have made seminal, crucial contributions to auction theory and practical market design. Here, we briefly describe those contributions and their significance within the general context of auction theory and practice. We also review the laureates’ substantial and highly influential work in other areas of economics.
ISSN:0425-368X
2525-1295
2525-1295
DOI:10.52292/j.estudecon.2021.2248