Paul Milgrom (born April 20, 1948 in Detroit, Michigan) is an American economist. He is a professor at Stanford University. He is an expert in game theory, more specifically in auction theory and pricing strategies. He is the co-inventor of the non-transaction theorem with Nancy Stockey, and the co-founder of several companies, the most recent of which, Auctionomics1, which provides software and services that create efficient markets for complex commercial auctions.
He won the 2020 Nobel Prize in Economics with Robert B. Wilson for “improving auction theory and inventing new auction formats”
Paul Milgrom was born on April 20, 1948 in Detroit, Michigan. In 1970, he obtained a Bachelor of Mathematics with First Class Honors from the University of Michigan. He entered Stanford University in 1975, where he obtained an MS in statistics in 1978 and a Ph.D in management in 1979. His thesis supervisor, Robert B. Wilson, later collaborated with him to develop the auction for the spectrum used by the Federal Communications Commission.
After his Ph.D, he left to teach at Northwestern University, where he remained from 1979 to 1983. From 1982 to 1987, he was professor of economics and management at Yale University. In 1987, he returned to his alma mater at Stanford to occupy his current position.
- (en) Milgrom, Paul, The Structure of Information in Competitive Bidding, New York: Garland Press, 1979 (Ph.D. Dissertation)
- (en) Milgrom, Paul, “A Convergence Theorem for Competitive Bidding with Differential Information”, Econometrica, Econometrica, Vol. 47, No. 3, vol. 47, no 3, 1979, p. 679–88 (DOI 10.2307 / 1910414, JSTOR 1910414)
- (en) Milgrom, Paul, “Good News and Bad News: Representation Theorems and Applications”, Bell Journal of Economics, The Bell Journal of Economics, Vol. 12, No. 2, vol. 12, no 2, 1981, p. 380–91 (DOI 10.2307 / 3003562, JSTOR 3003562)
- (en) Milgrom, Paul and John Roberts, “Limit Pricing and Entry Under Incomplete Information: An Equilibrium Analysis”, Econometrica, Econometrica, Vol. 50, No. 2, vol. 50, no 2, 1982, p. 443–59 (DOI 10.2307 / 1912637, JSTOR 1912637)
- (en) Milgrom, Paul and John Roberts, “Predation, Reputation, and Entry Deterrence”, Journal of Economic Theory, vol. 27, no 2, 1982, p. 280–312 (DOI 10.1016 / 0022-0531 (82) 90031-X)
- (en) Milgrom, Paul and John Roberts, “The Economics of Modern Manufacturing: Technology, Strategy and Organization”, American Economic Review, vol. 80, no 3, 1990, p. 511–28
- (en) Milgrom, Paul and Nancy Stokey, “Information, Trade and Common Knowledge”, Journal of Economic Theory, vol. 26, 1982, p. 17–27 (DOI 10.1016 / 0022-0531 (82) 90046-1)
- (en) Milgrom, Paul and Robert Weber, “The Value of Information in a Sealed Bid Auction”, Journal of Mathematical Economics, vol. 10, 1982, p. 105–14 (DOI 10.1016 / 0304-4068 (82) 90008-8)
- (en) Milgrom, Paul and Robert Weber, “A Theory of Auctions and Competitive Bidding”, Econometrica, Econometrica, Vol. 50, No. 5, vol. 50, no.5, 1982, p. 1089–1122 (DOI 10.2307 / 1911865, JSTOR 1911865)
- (en) Milgrom, Paul and Robert Weber, “Distributional Strategies for Games with Incomplete Information”, Mathematics of Operations Research, vol. 10, no 4, 1985, p. 619-32 (DOI 10.1287 / moor.10.4.619)
- (en) Milgrom, Paul, Putting Auction Theory to Work, Cambridge University Press, 2004 (ISBN 0-521-53672-3)
Paul Milgrom and Robert Wilson won the Nobel 2020 of economics in stockholm
– The two researchers are rewarded for “the improvements made to auction theory and the invention of new auction formats”.
The 2020 Nobel Prize in Economics was awarded jointly to Paul R. Milgrom and Robert B. Wilson “for improvements in auction theory and the invention of new auction formats,” the Academy announced on Monday Royal Swedish Science.
Paul Milgrom and Robert Wilson in This year’s winners studied how auctions work. They also used their knowledge to design new auction formats for goods and services that are hard to sell in the traditional way, such as radio frequencies. Their findings have benefited sellers, buyers and taxpayers around the world, “the academy said in a statement.
“The winners of this year’s Economics Prize started with a basic theory and then used their results in practical applications, which have spread around the world. Their findings are of great benefit to society,” said Peter Fredriksson, chairman of the Nobel commission for economics.
This year’s winners will not be going to Stockholm to receive their award due to restrictions imposed by the coronavirus, but will participate in the ceremony online via video link.
“We will get back to you with the details as soon as possible. But it is already clear that Drs Milgrom and Wilson will receive the awards before the end of the year. And that they will be invited to Stockholm the next time we can celebrate the Nobel week with its traditional festivities, ”said Goran Hansson, secretary general of the Royal Swedish Academy.
The Nobel Prize in Economics is the last award scheduled for this year, with all other awards announced last week.