What is Paul Milgrom known for in economics?
Auction formats
Tax policies
Labor laws
Trade agreements
Answer
Paul Milgrom is renowned in economics for his groundbreaking work on auction formats. His research has revolutionized the design of auctions, leading to more efficient and equitable outcomes in various industries. Milgrom's insights have been instrumental in shaping the design of auctions for everything from spectrum allocation to online advertising, significantly enhancing the allocation of scarce resources.
Mastering Milgrom: A Nobel Journey Through Economics
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