Auction theory revolutionized | Benny Moldovanu

12.10.2020

Scientists of the University of Bonn congratulate the winners of the Nobel Prize in Economics and are available as experts for journalists.

For their work in the field of auction theory and the invention of new auction formats, the two U.S. economists Prof. Dr. Paul R. Milgrom and Prof. Dr. Robert B. Wilson of Stanford University will receive this year’s Nobel Prize in Economics. The Nobel Committee made the announcement today in Oslo. Both laureates are esteemed colleagues among economists and mathematicians at the University of Bonn.

Paul Milgrom at the Selten Lecture at the University of Bonn. Copyright: ECONtribute: Markets & Public Policy

“We send our warmest congratulations to Paul Milgrom and Robert Wilson on winning the Nobel Prize in Economics. In recent years, Paul Milgrom has also enriched and advanced the exchange of knowledge between researchers through his excellent lectures and talks at the University of Bonn,” emphasizes Prof. Dr. Thomas Dohmen, spokesperson of the Cluster of Excellence ECONtribute: Markets & Public Policy of the Universities of Cologne and Bonn.

Two years ago, Paul Milgrom gave the first “Selten Lecture” to scientists from Bonn and Cologne. It was a great moment for the location: The lecture was considered a starting signal for the Reinhard Selten Institute, which was named after the former Bonn professor and so far the only German winner of the Nobel Prize in Economics. Today, the Reinhard Selten Institute forms the umbrella of the ECONtribute Cluster of Excellence. In addition, Paul Milgrom also gave the “Manchot Lecture” at the University of Bonn and participated in the so-called Trimester Program of the Hausdorff Center for Mathematics.

Prof. Dr. Benny Moldovanu, a member of the Cluster of Excellence ECONtribute and the Hausdorff Center for Mathematics, has met both awardees many times and knows them well.

“I am very happy that both are finally receiving the Nobel Prize – the award was overdue. Both have revolutionized auction research. On the one hand, in mathematical theory; on the other, they have also initiated a wealth of practical applications. In other words, they are pioneers in designing markets of complex objects that are difficult to buy and sell. In addition, both are very generous scholars who have provided first-rate training to countless students. The lectures and seminars held in Bonn have also captivated and inspired many young people,” Moldovanu emphasizes.

Content contact

Prof. Dr. Benny Moldovanu
University of Bonn

mold@uni-bonn.de