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What Is “Auction Theory,” and What Kinds of Questions Can It Answer?

insight.kellogg.northwestern.edu · 2,384 words · saved by 1 readers

Auction theory studies different auction formats and attempts to predict how people will behave in them. The field is having its moment in the spotlight. The attention stems from the recent awarding of the Nobel in economics to two pioneers of auction theory research, Paul Milgrom and Robert Wilson, both at Stanford University. (Milgrom is a former Kellogg School professor.) Their work is both theoretical and practical: in the 1990s the Federal Communications Commission used their research to create a new way of auctioning off radio frequencies, resulting in billions of dollars in sales. Kellogg’s Joshua Mollner started collaborating with Milgrom while Mollner was a Ph.D. student at Stanford. The two have a new paper out on auction theory. Kellogg Insight talked with Mollner, an associate professor of managerial economics and decision sciences, about the research and the Nobel announcement. KELLOGG INSIGHT: What did you set out to learn in your new paper? We were motivated by the obser

What Is “Auction Theory,” and What Kinds of Questions Can It Answer? Skip to content Insight Unpacked Season 3: Can We Still Build a Green Economy? | Listen A magazine of research and ideas from the faculty of the Kellogg School of Management What Is “Auction Theory,” and What Kinds of Questions Can It Answer? Economics Oct 29, 2020 What Is “Auction Theory,” and What Kinds of Questions Can It Answer? The recent Nobel put the field of auction theory in the spotlight. An economist explains how it works, using his own research as a guide. Based on the research of Paul Milgrom Joshua Mollner Yevge

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