Template-Type: ReDIF-Article 1.0

Author-Name: Péter Biró
Author-Workplace-Name: Institute of Economics of the Research Centre for Economics and Regional Studies
Author-Email: biro.peter@krtk.hu
Author-Person: pbi196

Author-Name: Gyula Magyarkuti
Author-Workplace-Name: Corvinus University of Budapest
Author-Email: magyarkuti@uni-corvinus.hu
Author-Person: pma1178


Title: The Work of Milgrom and Wilson in the Theory and Practical Application of Auctions

Abstract: This paper seeks to provide insight into the field of auction theory to the general
readership, the area of the 2020 Nobel laureates in Economic Sciences, Paul Milgrom
and Robert Wilson. To understand for what reasons and for what purpose they
were awarded the Nobel Prize, it is worth taking a step back, looking at this area of
economics from a greater distance. For this reason, we not only report the results
associated specifically with their names here, but we also review the path to get
here. Finally, we provide an outlook for the future of the topic with a brief description
of the interdisciplinary areas of engineering economics and market design.

Classification-JEL: C78, D44, D47
Keywords: auction, game theory, mechanism design, market design, engineering economics
Pages: 127-151
Volume: 20
Issue: 1
Year: 2021
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-20-1-e1-biro-magyarkuti.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:20:y:2021:i:1:p:127-151