Nobel Prize to Milgrom and Wilson: thanks to them we understand how markets really work
It all started when Wilson, in the 60s, "was a researcher in applied mathematics and studied information aggregation in auctions and the phenomenon of the winner's curse,"", explains Marco Ottaviani, Professor of economics at Bocconi University. "His student, Paul Milgrom, pushed further the analysis and developed tractable and general models of competitive bidding. In the last thirty years their insights have helped governments as well as businesses throughout the world to design market rules that improve the allocation of scarce resources. They really are leaders who have shown the world how rigorous mathematical analysis can be combined with important real problems".
About Paul Milgrom
Paul Robert Milgrom (born April 20, 1948) is an American economist. He is the Shirley and Leonard Ely Professor of Humanities and Sciences at the Stanford University School of Humanities and Sciences, a position he has held since 1987. He is a professor in the Stanford School of Engineering as well and a Senior Fellow at the Stanford Institute for Economic Research. Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is the winner of the 2020 Nobel Memori...
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