Thursday, January 1, 2009

The Economist as Auctioneer

Paul Milgrom has a new company, Auctionomics.
Arguably already the world's leading auction theorist, and a demigod among bidding consultants, this marks Paul's entry into the world of auctioneers (and providers of auction software), with some new ideas for flexible auction formats.

An older, related venture is Market Design Inc., with a number of other colleagues active as auctioneers, including Peter Cramton and Lawrence Ausubel, and the company Power Auctions LLC.

The title of this post is a play on the title of my 2002 article "The Economist as Engineer:... ." The increasing involvement of economists as auctioneers (and not just auction theorists and consultants and advisors) is a sign that market design is thriving.


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