Economist Paul Milgrom, recipient of the 5th BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management, explains how, drawing on his background in mathematics, he developed—together with Robert Wilson—new auction models that are now used worldwide to allocate radio spectrum. He emphasizes that good design must address real technical constraints, be simple for participants, and meet the organizer’s objectives, such as maximizing revenue or improving service efficiency.
The BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category has been granted in its fifth edition to Paul Milgrom for his seminal contributions to an unusually wide range of fields of economics including auctions, market design, contracts and incentives, industrial economics, economics of organizations, finance, and game theory. This breadth of vision e
Economist Paul Milgrom, recipient of the 5th BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management, explains how, drawing on his background in mathematics, he developed—together with Robert Wilson—new auction models that are now used worldwide to allocate radio spectrum. He emphasizes that good design must address real technical constraints, be simple for participants, and meet the organizer’s objectives, such as maximizing revenue or improving service efficiency.
The BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category has been granted in its fifth edition to Paul Milgrom for his seminal contributions to an unusually wide range of fields of economics including auctions, market design, contracts and incentives, industrial economics, economics of organizations, finance, and game theory. This breadth of vision encompasses a business focus that has led him to apply his theories in advisory work with governments and corporations.
00:00 Introduction
00:02 How do you feel about having received the BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category?
00:37 You were trained as a mathematician. What led you to the field of academic economics and later to create your own company?
01:50 What factors are taken into account when designing an auction, and when do you consider that the design has been successful?
