Journal article
The parable of the auctioneer: complexity in Paul R. Milgrom’s Discovering Prices
- Abstract:
- Designing marketplaces in complex settings requires both novel economic theory and real-world engineering, often drawing upon ideas from fields such as computer science and operations research. In Discovering Prices, Milgrom (2017) explains the theory and design of the United States “Incentive Auction” that reallocated wireless spectrum licenses from television broadcasters to telecoms. Milgrom’s account teaches us how economic designers can grapple with complexity both in theory and in practice. Along the way, we come to understand several different types of complexity that can arise in market design.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
Actions
Access Document
- Files:
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(Preview, Accepted manuscript, 540.4KB, Terms of use)
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- Publisher copy:
- 10.1257/jel.20191504
Authors
- Publisher:
- American Economic Association
- Journal:
- Journal of Economic Literature More from this journal
- Volume:
- 58
- Issue:
- 4
- Publication date:
- 2020-12-09
- Acceptance date:
- 2020-08-28
- DOI:
- ISSN:
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0022-0515
- Language:
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English
- Keywords:
- Pubs id:
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1132606
- Local pid:
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pubs:1132606
- Deposit date:
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2020-09-17
Terms of use
- Copyright holder:
- AEA
- Copyright date:
- 2020
- Rights statement:
- © 2020 AEA
- Notes:
- This is the accepted manuscript version of the article. The final version is available from American Economic Association at: https://doi.org/10.1257/jel.20191504
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