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Archive » March 2021 » The 2020 Nobel Prize in Economics. Why are auction formats so important?

The 2020 Nobel Prize in Economics. Why are auction formats so important?

GianfrancoVento, Paola Vezzani
March 2021 - n. 3
Keywords: Premio Nobel in Scienze Economiche, aste, acquirenti, venditori
Jel codes: A10, B40, D44, D53

The 2020 Nobel Prize in Economics has been awarded to two scholars, Paul R. Milgrom and Robert B. Wilson, for their studies on auction formats. Their research was able to produce rigorous analyses to understand better not only how auctions behave, but also how to reinvent and redesign them in order to correct their inefficiencies and produce benefits for sellers, buyers and taxpayers all over the world. This article, which only represents a part of a much broader analysis, explains and describes the 2020 Nobel Prize Laureates and their research activities, trying to understand to what extent the specific research object of the Laureates is pervasive in terms of applications in our everyday life.

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