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The Prize in Economic Sciences 2020

91 点作者 0xedb超过 4 年前

11 条评论

lpage超过 4 年前
Auction theory and applied mechanism design are two of the most real-world useful corners of theoretical economics. Multiunit and combinatorial mechanisms are core to ad markets and sponsored search, smart power grids, logistics, commerce, manufacturing, telecommunication - the list goes on. The economic gains that they drive every year are in the hundreds of billions. It&#x27;s worth noting that Preston McAfee, Paul Milgrom, and Robert Wilson shared the 2014 Golden Goose Award [1] for one of the earliest and most impactful commercial applications of applied auction theory: wireless spectrum licensing.<p>Milgrom&#x27;s Putting Auction Theory to Work [2] is an excellent introduction to this world.<p>PS: OneChronos (YC 16) [3] is working on bringing these mechanisms to capital markets. It&#x27;s an incredibly challenging but rewarding problem that spans deeply theoretical and applied problems. We&#x27;re always hiring top academic and engineering talent regardless of your background.<p>[1] <a href="https:&#x2F;&#x2F;www.goldengooseaward.org&#x2F;01awardees&#x2F;auction-design" rel="nofollow">https:&#x2F;&#x2F;www.goldengooseaward.org&#x2F;01awardees&#x2F;auction-design</a><p>[2] <a href="https:&#x2F;&#x2F;www.google.com&#x2F;books&#x2F;edition&#x2F;Putting_Auction_Theory_to_Work&#x2F;AkeHTU7XW4kC?hl=en" rel="nofollow">https:&#x2F;&#x2F;www.google.com&#x2F;books&#x2F;edition&#x2F;Putting_Auction_Theory_...</a><p>[3] <a href="https:&#x2F;&#x2F;www.onechronos.com" rel="nofollow">https:&#x2F;&#x2F;www.onechronos.com</a>
zetazzed超过 4 年前
2017, 2018, 2019, the committee has been on a tear, picking interesting, slightly-less-mainstream but still really defensible winners. E.g. Banerjee, Duflo, and Kremer (2019) are unusually (for economists) engaged in the real world. Nordhaus and Romer - both considered on the quirky end of mainstream (though Romer&#x27;s textbook of course gave him total mainstream cred, look at the rest of his career). Thaler (2017) had a huge body of writing that verged on popular economics. When I was an economist, each of these really shook up the way I thought about what was possible in the field.<p>Milgrom and Wilson is... expected. I mean, auction theory has been very influential, but I think Roth + Shapley (2012) just recently covered more fun intellectual predecessor and successor movements to much of Milgrom and Wilson. Classic theory-heavy work that has had practical influence as well. Arguably, their emphasis on supermodularity was a deep theoretical influence on follow-on work, so I have to count that as high impact. But it does feel a little less exciting than past awardees. Maybe just because we&#x27;ve lived with auction theory for so long now?
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MrXOR超过 4 年前
Starting point for HN discussion: &quot;Applicant Auctions for Internet Top-Level Domains: Resolving Conflicts Efficiently” [1] by Professor Robert Wilson.<p>[1] <a href="http:&#x2F;&#x2F;www.cramton.umd.edu&#x2F;aa&#x2F;cramton-gall-sujarittanonta-wilson-applicant-auction.pdf" rel="nofollow">http:&#x2F;&#x2F;www.cramton.umd.edu&#x2F;aa&#x2F;cramton-gall-sujarittanonta-wi...</a>
tchalla超过 4 年前
&gt; Robert Wilson developed the theory for auctions of objects with a common value – a value which is uncertain before- hand but, in the end, is the same for everyone. Examples include the future value of radio frequencies or the volume of minerals in a particular area. Wilson showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse – that is, about paying too much and losing out<p>&gt; Paul Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder. He analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other’s estimated values during bidding.
bluedevil2k超过 4 年前
Here&#x27;s an interesting story from Priconomics about spectrum auctions &amp; Milgrom and goes into the past to discuss how Milgrom created an Excel spreadsheet on multiple floppy disks to run this first &quot;online&quot; auction for the FCC - <a href="https:&#x2F;&#x2F;priceonomics.com&#x2F;the-spectrum-auction-how-economists-saved-the-day&#x2F;" rel="nofollow">https:&#x2F;&#x2F;priceonomics.com&#x2F;the-spectrum-auction-how-economists...</a><p>It should be noted that the auction format Milgrom created for the first FCC auction, the SMR auction, is no longer the preferred auction format for spectrum auction. The preferred format has shifted to a general clock auction (round-by-round for generic blocks) with a supplement round where the actual blocks are assigned in a Vickrey algorithm. Additionally, as computing power has increased, the &quot;combinatorial&quot; format has become popular in many countries (Canada, UK) where bidders can submit different package bids which are all taken into account with the winner determined by a SAT solver.
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viburnum超过 4 年前
Auction theory is excellent at predicting how other economists also using auction theory will behave.
lhoff超过 4 年前
Apprently Milgrom didn&#x27;t pick up his phone when the commitee called him. So his neighbor who happens to be Robert Wilson woke him up.<p>The best thing, there is a doorbell video of that happening: <a href="https:&#x2F;&#x2F;twitter.com&#x2F;Stanford&#x2F;status&#x2F;1315631500080148480" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;Stanford&#x2F;status&#x2F;1315631500080148480</a>
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adamqureshi超过 4 年前
So how do you determine the difference between the &quot;True Value&quot; of a product let say a Used TESLA vs the &quot;Market Price&quot; is it just subjective? Im working on True value app to value a used tesla but can&#x27;t figure out what formula to use.
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disown超过 4 年前
Economic &quot;Sciences&quot;. Economics is more of an art or a social &quot;science&quot; than a real science, but I guess use &quot;science&quot; to muster credibility if they must.<p>What&#x27;s next. The nobel committee is going to rename the literature prize to literature &quot;sciences&quot; because the literature prize has lost any credibility or value?<p>Why not just say economics? Why try to sneakily and falsely latch onto the sciences. It may work for the short term but in the long term it really detracts from the field as it tries to pretend to be what it is not. There is value in economics, but not in the sciences.
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punnerud超过 4 年前
DUPE: <a href="https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=24752974" rel="nofollow">https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=24752974</a>
ffggvv超过 4 年前
i thought there wasn’t an economic nobel prize?
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