Group 4 Created with Sketch.
Your changes have been saved
Episode 80 of 193

Paul Milgrom, "Discovering Prices: Auction Design in Markets with Complex Constraints" (Columbia UP, 2017)

Share
station description Interviews with Scholars of Systems and Cybernetics about their New Books
New Books in Systems and Cybernetics
Duration: 44:16
Neoclassical economic theory shows that under the right conditions, prices alone can guide markets to efficient outcomes. But what if it it’s hard to find the right price? In many important markets, a buyer’s willingness to pay for one good (say, the right to use a certain part of the radio spectrum
Snippets are a new way to share audio!
You can clip a small part of any file to share, add to playlist, and transcribe automatically. Just click the to create your snippet!
Snippets: Clips of Paul Milgrom, "Discovering Prices: Auction Design in Markets with Complex Constraints" (Columbia UP, 2017) that people like
There are currently no snippets from Paul Milgrom, "Discovering Prices: Auction Design in Markets with Complex Constraints" (Columbia UP, 2017).
Snippets are an easy way to highlight your favorite soundbite from any piece of audio and share with friends, or make a trailer for New Books in Systems and Cybernetics
Playlists that Paul Milgrom, "Discovering Prices: Auction Design in Markets with Complex Constraints" (Columbia UP, 2017) appears on.
There are currently no playlists containing this audio.
Add this audio track to one of your playlists
Add to Playlist
Up Next
Full Description
Back to Top
Neoclassical economic theory shows that under the right conditions, prices alone can guide markets to efficient outcomes. But what if it it’s hard to find the right price? In many important markets, a buyer’s willingness to pay for one good (say, the right to use a certain part of the radio spectrum range in San Francisco) will depend on the price of another complementary good (the right to use that same spectrum in Los Angeles). The number of possible combinations can rapidly become incalculably complex. Such complex markets require new collaborations between economists and computer scientists to create designs that are both incentive compatible and computationally tractable.In Discovering Prices: Auction Design in Markets with Complex Constraints (Columbia UP, 2017), 2020 Economics Nobel Memorial Prize winner Paul Milgrom discusses some of the new economics theory he has developed to help address these challenging contexts, in which neither unfettered market forces nor top-down planning will work well. In our interview we explore these ideas in the context of the most complex auction ever created, the FCC’s broadcast incentive auction. This auction, designed and planned by a team led by Professor Milgrom with his company Auctionomics, purchased underutilized broadcast spectrum from television stations and sold it onward to telecoms providers. This reallocation helped improve wireless network performance and pave the way for 5G wireless services, while also generating over $7 billion for the US treasury.Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new digital economy-focused Master's program in Applied Economics. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/systems-and-cybernetics
Up Next
Add to playlist
New playlist

Embed

COPY
Embed Options
Create Playlist
Select the Station you want to upload this audio to
Station
0 / 140
0 / 2000
Playlist Icon Image:
(.jpg, .png, min size 500x500px)
Privacy
Subscribers
Your
voice
matters.
Discover & Listen to the world’s largest free collection of audio
Password reset

Enter your email address that you used to register. We'll send you an email with your username and a link to reset your password.



If you still need help, contact Vurbl Support
Password reset sent

You have been sent instructions on resetting you password to the email associated with your account. Please check your email and signing in again.


Back to Sign In
If you still need help, contact Vurbl Support
Your
voice
matters.
Discover & Listen to the world’s largest free collection of audio
Reset password

Please enter your new password below.



If you still need help, contact Vurbl Support
Your voice matters.
Discover & Listen to the world’s largest free collection of audio
Verify Email

Enter your email address that you used to register. We'll send you an email with a link to verify your email.



Cancel
Delete Profile
Are you sure? We will miss you :'(
Delete
Delete Audio
Are you sure?
Delete
Delete Playlist
Are you sure you want to delete this playlist?
Delete
Notifications
You must be signed in to view
your notifications. Please sign in
Edit Snippet
0 / 140
0 / 140

Tag a Station

Type station name to add additional tags
*Station owners will be notified when you tag them
Open this link in the Vurbl Mobile App for the full Vurbl experience.
Open in Vurbl mobile app
Continue to Vurbl website