Awards

• Winner of Nobel Prize in Economic Sciences, Royal Swedish Academy of Sciences 2020

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9780231175999

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Reviews

In Discovering Prices, Paul Milgrom shows how innovative systems of price discovery can help solve vexing problems of reallocation, long thought to be intractable and made particularly challenging by the complexity and interconnectedness of new technologies. Milgrom's revolutionary advance in price theory is a most fitting tribute to Kenneth Arrow, who laid the foundation for understanding the traditional price system. A brilliant, fascinating book. -- Bengt Holmstrom, Massachusetts Institute of Technology, Nobel Laureate in Economics With deep theoretical insights and broad practical experience, Milgrom presents a systematic analysis of the challenges of pricing in complex resource-allocation problems, and in doing so he helps us to better understand the foundations of price theory in economics. -- Roger Myerson, University of Chicago, Nobel Laureate in Economics The elegant theory and mathematics in Milgrom's Discovering Prices are at the foundation of the FCC's Broadcast Incentive Auction. I can confirm the successful real-world application of the same, with Milgrom's active participation during every step of the design and implementation of an auction that will repurpose 84 MHz worth of prime spectrum and generate almost $20 billion in proceeds. -- Gary M. Epstein, Chair of the FCC's Incentive Auction Task Force This groundbreaking book of practical economic theory by Milgrom, the world's most accomplished designer of complex auctions, describes the design of the most complex auction yet: the FCC incentive auction for electromagnetic spectrum. The book also illuminates why the magic of the market doesn't happen by magic, but sometimes needs to be designed. Every economist, and indeed anyone interested in how markets work, will find these wide-ranging reflections rewarding to read and ponder. -- Alvin E. Roth, Stanford University, Nobel Laureate in Economics No one has greater knowledge or, perhaps more importantly, more reliable instincts when it comes to incentive auction design. Milgrom's excellent monograph should be made available to economists as soon as possible. -- Leslie Marx, Duke University

No one has greater knowledge or, perhaps more importantly, more reliable instincts when it comes to incentive auction design. Milgrom's excellent monograph should be made available to economists as soon as possible. -- Leslie Marx, Duke University This groundbreaking book of practical economic theory by Milgrom, the world's most accomplished designer of complex auctions, describes the design of the most complex auction yet: the FCC incentive auction for electromagnetic spectrum. The book also illuminates why the magic of the market doesn't happen by magic, but sometimes needs to be designed. Every economist, and indeed anyone interested in how markets work, will find these wide-ranging reflections rewarding to read and ponder. -- Alvin E. Roth, Stanford University, Nobel Laureate in Economics The elegant theory and mathematics in Milgrom's Discovering Prices are at the foundation of the FCC's Broadcast Incentive Auction. I can confirm the successful real-world application of the same, with Milgrom's active participation during every step of the design and implementation of an auction that will repurpose 84 MHz worth of prime spectrum and generate almost $20 billion in proceeds. -- Gary M. Epstein, Chair of the FCC's Incentive Auction Task Force With deep theoretical insights and broad practical experience, Milgrom presents a systematic analysis of the challenges of pricing in complex resource-allocation problems, and in doing so he helps us to better understand the foundations of price theory in economics. -- Roger Myerson, University of Chicago, Nobel Laureate in Economics In Discovering Prices, Paul Milgrom shows how innovative systems of price discovery can help solve vexing problems of reallocation, long thought to be intractable and made particularly challenging by the complexity and interconnectedness of new technologies. Milgrom's revolutionary advance in price theory is a most fitting tribute to Kenneth Arrow, who laid the foundation for understanding the traditional price system. A brilliant, fascinating book. -- Bengt Holmstrom, Massachusetts Institute of Technology, Nobel Laureate in Economics

Author Information

Paul Milgrom is the Shirley R. and Leonard W. Ely, Jr. Professor of Humanities and Sciences in the Department of Economics at Stanford University. He was awarded the 2020 Nobel Memorial Prize in Economic Sciences. His books include Putting Auction Theory to Work (2004) and Economics, Organization, and Management (1992). He has also written dozens of articles on auction design, game theory, and macro- and microeconomics.

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