Pierpaolo Battigalli, professor of microeconomics and game theory and director of the Department of Decision Sciences at Bocconi | Courier TV
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Paul Milgrom e Robert B. Wilson, winners of the Nobel Prize in Economics 2020: “They made fundamental theoretical contributions, but then they also used them to advise the US government for a particular auction format to sell radio frequencies starting in 1994,” he explains. Pierpaolo Battigalli, professor of microeconomics e game theoryie director of the Department of Decision Sciences of the Bocconi. “Milgrom, in particular, had formulated, together with Weber, a general theory of weeks considering various aspects, such as the private information that the participants in the auction have, if the asset has only private or even common value “.
Wilson, has specialized more on this aspect, “on auctions for goods that have a common value that is not known at the time the bids are made, but on which the different competitors have private information. He explained, for example, how you have to make bids that are lower than your best estimate of the value of the asset you are going to buy, ”adds Battigalli.