Auction theory
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Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used
Ex-post equilibrium in a simple auction market
Microcosm of London Plate 006 Auction Room, Christie's
Paul Milgrom
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Paul Robert Milgrom 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 hel
Auction theory
…design of these rulesets encourages optimal bidding strategies in a variety of informational settings. The 2020 Nobel Prize for Economics was awarded to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats." Auctions facilitate transactions by enforcing a specific…
Milgrom in 2013