Biró, Péter 
ORCID: https://orcid.org/0000-0001-7011-3463 and Magyarkúti, Gyula ORCID: https://orcid.org/0000-0003-4444-0481
(2021)
The Work of Milgrom and Wilson in the Theory and Practical Application of Auctions.
Financial and Economic Review, 20
(1).
pp. 127-151.
DOI https://doi.org/10.33893/FER.20.1.127151
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Official URL: https://doi.org/10.33893/FER.20.1.127151
Abstract
This paper seeks to provide insight into the field of auction theory to the general readership, the area of the 2020 Nobel laureates in Economic Sciences, Paul Milgrom and Robert Wilson. To understand for what reasons and for what purpose they were awarded the Nobel Prize, it is worth taking a step back, looking at this area of economics from a greater distance. For this reason, we not only report the results associated specifically with their names here, but we also review the path to get here. Finally, we provide an outlook for the future of the topic with a brief description of the interdisciplinary areas of engineering economics and market design.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | auction; game theory; mechanism design; market design; engineering economics |
| JEL classification: | C78 - Bargaining Theory; Matching Theory D44 - Auctions D47 - Market Design |
| Divisions: | Faculty of Economics > Department of Mathematics |
| Subjects: | Economics Mathematics, Econometrics |
| Funders: | National Research, Development and Innovation Office |
| Projects: | No. K128611 |
| DOI: | https://doi.org/10.33893/FER.20.1.127151 |
| ID Code: | 12934 |
| Deposited By: | MTMT SWORD |
| Deposited On: | 26 Jun 2026 11:05 |
| Last Modified: | 26 Jun 2026 11:05 |
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