2 Stanford economists win Nobel prize for improving auctions
Companies, agencies, institutions, etc
AP
Google
Stanford University
the Nobel Committee
The Associated Press
properly.“Auctions
Wilson
the University of Maryland
the University of Cologne
winners’
Treasury
NobelPrize
U.N.
World Food Program
the Royal Swedish Academy of Sciences
The World Food Program
People
Paul R. Milgrom
Robert B. Wilson
Bob Wilson
Peter Cramton
David Warsh
Ingrid Werner
Preston McAfee
Paul Milgrom
Robert Wilson
Goran Hansson
Alfred Nobel
Louise Glück
Desiree Seals
David Runk
Groups
Americans
Swedish
Physical locations
No matching tags
Places
Grosse Pointe Farms
Locations
STOCKHOLM
Milgrom
California
Germany
U.S.
Canada
India
Stockholm
medal.“Probably
Berlin
Wiseman
Washington
Smyrna
Georgia
Michigan
Events
World War II
Summary
They determine how Google sells ads, what price consumers end up paying for electricity, and the way governments sell off the public airwaves to telecom companies and broadcasters.For helping make auctions run more efficiently, two Americans on Monday won the Nobel prize for economics. You’ve won the Nobel Prize.’’ Awakened, Milgrom stammered for a moment and then said: “Wow.’’The two men tackled the tricky problem of making auctions work efficiently. Solving the problem doesn’t just help the seller get a better price; it helps make sure the item being auctioned goes to the bidder likely to make the most efficient use of it — a key goal of economic policy.Their research has had a big impact on the telecommunications industry, where private companies seek government licenses to use publicly owned radio frequencies for everything from mobile phone calls to internet payments.
As said here by DAVID KEYTON, FRANK JORDANS and PAUL WISEMAN