This year’s Nobel Prize for Economics went to Paul R. Milgrom and Robert B. Wilson for their work on auctionAn auction is a market mechanism with the aims of allocating... theory. Their contributions include – but it’s not limited to – providing a better understanding of the concept of winner’s curse and the development of new auction formatsTwo basic types of auctions are regularly applied to allocat... for practical applications. These and other results of their work have deeply influenced not only the world of auctions but micro-economic theory as a whole, and of course have a great impact on the research carried out within AURESII. We have thus prepared a brief document to better explain the relevance of Milgrom’s and Wilson’s work and its connection to AURES II: the document is available here.
