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,…

Nobel Prize to Milgrom and Wilson: thanks to them we understand how markets really work

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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”.

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