Das optimale Design von Auktionen als Teil einer modernen Ordnungspolitik: Zum Ökonomie-Nobelpreis 2020 für Robert Wilson und Paul Milgrom

Justus Haucap

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2020, vol. 71, issue 1, 347-362

Abstract: The article discusses the research of Robert Wilson and Paul Milgrom, who were jointly awarded the so-called Nobel Prize in Economics in 2020 for their contributions to auction theory and the development of new auction formats. After a brief presentation of important elementary auction formats, the contributions of the two laureates are discussed in detail. In conclusion, the article concludes that Milgrom and Wilson's research program on so-called market design is not a contrast to Ordnungspolitik, but rather is itself part of modern Ordnungspolitik with the aim of shaping economic institutions and also market rules in such a way that the most efficient allocation of scarce resources is achieved in both the short and long term.

Keywords: Auction Theory; Nobel Prize; Spectrum Auctions; Ordnungspolitik; Auktionstheorie; Nobelpreis; Frequenzauktionen; Ordnungspolitik; Auction Theory; Nobel Prize; Spectrum Auctions; Ordnungspolitik (search for similar items in EconPapers)
JEL-codes: D44 D47 L96 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1515/ordo-2021-0015

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