What is Paul Milgrom's area of expertise?
Auction theory
Behavioral economics
Macroeconomics
Labor economics
Answer
Auction theory is the study of the design and analysis of auctions, which are mechanisms for allocating goods or services among multiple buyers or sellers. Paul Milgrom is a prominent economist who has made significant contributions to this field. His work has focused on developing new auction formats and analyzing their properties, such as efficiency, revenue generation, and fairness.
Mastering Milgrom: A Nobel Journey Through Economics
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