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Faculty of Economics

Paul Milgrom

Paul Milgrom is best known for his contributions to the microeconomic theory, his pioneering innovations in the practical design of multi-item auctions, and the extraordinary successes of his students and academic advisees. According to his BBVA Award citation: “Paul Milgrom has made seminal contributions to an unusually wide range of fields of economics including auctions, market design, contracts and incentives, industrial economics, economics of organizations, finance, and game theory.” According to a count by Google Scholar, Milgrom’s books and articles have received more than 90,000 citations. - Professor Milgrom's Personal Site >>


Professor Paul Milgrom

(Stanford Department of Economics)

gave two lectures on

"Market Design When Resource Allocation is NP-Hard"

Lecture 1

Lecture 2

In many designed markets, from electrical power and radio spectrum to matching markets and procurements, discovering efficient allocations is difficult either because the communication of preferences are hard, or the computations are hard, or both. These lectures treat methods that have been devised in recent years to devise market solutions that have been found to work well for real markets despite these hardness challenges.