Milgrom, Paul
Discovering Prices: Auction Design in Markets with Complex Constraints (Kenneth J. Arrow Lecture Series)
- ISBN 13:
- 9780231175999
- author:
- Milgrom, Paul
- format:
- Paperback / softback
- publisher:
- Columbia University Press
- language:
- English
- Publication Year:
- 2021
- Pages:
- 248
- Dimensions:
- 21.3 x 13.7 x 1.8 centimeters (0
- Genre:
- Business, Economics, Theory,
- Condition:
- New
- Availability:
- Item usually sent within 10 working days
Description
Discovering Prices Auction Design in Markets with Complex Constraints by Paul Milgrom explores how auctions can be used to discover prices and guide efficient resource allocations in complex markets. In this book, economist Paul Milgrom introduces new theories for dealing with the world's growing complex resource-allocation problems. Traditional economic theory assumes idealized markets where prices alone can guide efficient allocation, but real-world cases often require more than just price signals. Milgrom shows how auctions can be used to address these challenges, drawing on his experience leading the design of the U.S. incentive auction for radio frequencies. With clear explanations and real-world examples, this book provides economists with crucial new tools for managing complex markets. By examining the role of prices in resource allocation, Milgrom offers a fresh perspective on market design and its application to diverse and constrained environments.
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