Joint work by Prof. P. Milgrom, Prof. M. Bichler and G. Schwarz was featured in Nobel Prize Lecture


This year's recipients of the Nobel Prize in Economic Sciences are Prof. Paul Milgrom and Prof. Robert B. Wilson, both from Stanford University, for "improvements to auction theory and inventions of new auction formats". Joint work by Prof. Milgrom, Prof. Martin Bichler (Chair for Decision Sciences and Systems, DSS) and his PhD Student Gregor Schwarz was featured in Milgrom's Nobel Prize Lecture on December 7.
Milgrom and Wilson have become well-known for their work on auction theory and the design of auctions for spectrum sales and electricity markets, to name just a few applications. These are core topics at the Chair for Decision Sciences & Systems at the Department of Informatics and the group headed by Martin Bichler. Several papers of the group are mentioned in the writeup by the Nobel Prize Committee on the scientific background of this year's Nobel Prize in Economic Sciences. Just last December Prof. Milgrom delivered a keynote talk in Munich during a conference organized by Prof. Bichler's research group.