Work

Humans have been selling things to the highest bidder or buying things from the cheapest source for thousands of years. These days, goods and services change hands for astronomical values at auctions daily. Paul Milgrom and Robert Wilson have studied how auctions work. They have also translated their theories into practice and created new auctions for goods and services that are difficult to sell through traditional means, such as radio frequencies. Their discoveries have benefited sellers, buyers and taxpayers around the world.