DISCOVERING PRICES

Paul Milgrom—the world's most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse and there are critical constraints. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world's growing complex resource allocation problems.

Paul Milgrom is the Shirley and Leonard Ely Professor of Humanities and Sciences in the Department of Economics at Stanford University.