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The Parable of the Auctioneer: Complexity in Paul R. Milgrom's Discovering Prices

Author

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  • Scott Duke Kominers
  • Alexander Teytelboym

Abstract

Designing marketplaces in complex settings requires both novel economic theory and real-world engineering, often drawing upon ideas from fields such as computer science and operations research. In Discovering Prices: Auction Design in Markets with Complex Constraints, Milgrom (2017) explains the theory and design of the United States' "incentive auction" that reallocated wireless spectrum licenses from television broadcasters to telecoms. Milgrom's account teaches us how economic designers can grapple with complexity both in theory and in practice. Along the way, we come to understand several different types of complexity that can arise in marketplace design.

Suggested Citation

  • Scott Duke Kominers & Alexander Teytelboym, 2020. "The Parable of the Auctioneer: Complexity in Paul R. Milgrom's Discovering Prices," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1180-1196, December.
    • Handle: RePEc:aea:jeclit:v:58:y:2020:i:4:p:1180-96
    DOI: 10.1257/jel.20191504
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    Citations

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    Cited by:

    1. Alexander Teytelboym & Shengwu Li & Scott Duke Kominers & Mohammad Akbarpour & Piotr Dworczak, 2021. "Discovering Auctions: Contributions of Paul Milgrom and Robert Wilson," Scandinavian Journal of Economics, Wiley Blackwell, vol. 123(3), pages 709-750, July.
    2. van Basshuysen, Philippe, 2023. "Markets, market algorithms, and algorithmic bias," LSE Research Online Documents on Economics 115694, London School of Economics and Political Science, LSE Library.

    More about this item

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • L98 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Government Policy

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