Paul Milgrom et Robert Wilson. De la théorie à la pratique des enchères

Florence Naegelen

Revue d'économie politique, 2021, vol. 131, issue 6, 825-847

Abstract: Paul Milgrom and Robert Wilson were awarded the 2020 Nobel Prize in Economics for improvement to auction theory and inventions of new auction formats. This article presents their contributions with a focus on the practical applications of their work. First, we show how their theoretical work led to an understanding of how auctions work when valuations are common and uncertain. Then we highlight the considerable influence of Wilson on the design of electricity markets after the liberalisation of this sector. Finally, we show how P. Milgrom and R. Wilson contributed to design multi-object auctions implemented to allocate licenses to the broadcast spectrum used for wireless communications. Classification JEL: A10, B21, C72, D44, D47

Keywords: Nobel Prize; auctions; Paul Milgrom; Robert Wilson (search for similar items in EconPapers)
JEL-codes: A10 B21 C72 D44 D47 (search for similar items in EconPapers)
Date: 2021
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