Nobel Prize Laureate, Author, Columbia University Graduate School of Business Professor and Former World Bank Chief Economist
When we tune the radio, flip a light switch, or consult Google, we owe a little bit to speaker Paul Milgrom. His groundbreaking work on auction models have helped regulators, utilities, and tech companies establish fair value for their assets. His 2020 Nobel Prize in Economics attests to Milgrom’s influence. Organizations that concern themselves with the inner mechanics of our economy seek Milgrom as an ideal keynote speaker.
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Winner of the 2020 Nobel Prize in Economics, keynote speaker Paul Milgrom has revolutionized the way we value public assets. A popular speaker, Paul Milgrom shares his insights with audiences keen to learn more about our economy’s inner workings.
When utilities, public agencies, and search engines seek to balance profit with equitability, they turn to auctions. No one has studied and refined the auction model more deeply and successfully than Paul Milgrom.
The FCC uses auctions to assign portions of the frequency spectrums for radio and television broadcasts. Milgrom was the chief academic contributor to the FCC’s auction design. Along with colleagues Robert Wilson and Preston McAfee, Milgrom continued to refine the FCC’s model, and to extend its use. The model now informs pricing at electricity and natural gas utilities, accounting for billions of dollars each year. Moreover, Spectrum regulators across North America and Europe have relied on Milgrom as an advisor.
More recently, Milgrom has brought his insights to Silicon Valley. When Google launched its IPO after years of planning, it consulted with Milgrom to implement a unique auction system. The auction of initial shares was a resounding success. Milgrom also advised Microsoft on implementing sponsored-search auctions.
After earning his PhD at Stanford, Milgrom taught economics courses at Northwestern and Yale. Returning to Stanford, he began a remarkable career that has explored auctions, incentive theory, economic history, and game theory. After that, his book with John Roberts, Economics, Organization, and Management, opened up new territory to economic research. His bestselling Putting Auction Theory to Work summarizes the life’s work for which he is best known.
Paul Milgrom is a renowned economist and auction theorist who has made significant contributions to the field of auction design and market mechanisms. In his talk, Milgrom discusses the fundamental principles of auction theory and how they can be applied to a wide range of real-world situations, including the design of auctions for the sale of goods and services, the allocation of spectrum licenses, and the allocation of public goods. Through a combination of rigorous analysis and practical examples, Milgrom explores the key concepts and tools of auction theory, including bidder behavior, equilibrium strategies, and revenue equivalence.
Paul Milgrom is a renowned economist and expert in the field of auctions and competition dynamics. In his talk, Milgrom delves into the complexities of competition within markets, exploring the roles of dominance, disruption, and fair play in shaping the landscape. Drawing on his extensive research and experience, Milgrom discusses how these forces can influence market outcomes and provide insight into how companies can navigate and succeed in competitive environments. With a focus on practical applications and real-world examples, Milgrom's talk is a must-see for business leaders and anyone interested in understanding the dynamics of competition.
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