The Nobel Prize committee noted that Dr. Milgrom and Dr. Wilson did not just come up with original ideas in auction theory, but they also played a crucial role in implementing their ideas. To understand Dr. Milgrom and Dr. Wilson’s contributions, it is important to take note of the criticisms levelled against auctions. Dr. Milgrom added further nuance to this analysis by arguing that individual bidders may still submit vastly different bids due to their unique circumstances. Dr. Milgrom and Dr. Wilson, however, are most popular for their contribution towards devising new, real-world auction formats. The contributions of Dr. Milgrom and Dr. Wilson have helped governments and private companies design their auctions better.

Source: The Hindu October 17, 2020 20:15 UTC