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Paul Milgrom et Robert Wilson. De la théorie à la pratique des enchères

Author

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  • Florence Naegelen

Abstract

Paul Milgrom and Robert Wilson were awarded the 2020 Nobel Prize in Economics for improvement to auction theory and inventions of new auction formats. This article presents their contributions with a focus on the practical applications of their work. First, we show how their theoretical work led to an understanding of how auctions work when valuations are common and uncertain. Then we highlight the considerable influence of Wilson on the design of electricity markets after the liberalisation of this sector. Finally, we show how P. Milgrom and R. Wilson contributed to design multi-object auctions implemented to allocate licenses to the broadcast spectrum used for wireless communications. Classification JEL: A10, B21, C72, D44, D47

Suggested Citation

  • Florence Naegelen, 2021. "Paul Milgrom et Robert Wilson. De la théorie à la pratique des enchères," Revue d'économie politique, Dalloz, vol. 131(6), pages 825-847.
    • Handle: RePEc:cai:repdal:redp_316_0005
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    More about this item

    Keywords

    Nobel Prize; auctions; Paul Milgrom; Robert Wilson;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design

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