Nobel economics prize: Wilson and Milgrom's insights into auctions could drive down carbon emissions
- Written by Robin Mason, Professor of Economics/Pro-Vice Chancellor (International), University of Birmingham
Many would argue that the global financial crisis of 2007-09 taught us not just the irrelevance but the dangers of economic theory. Yet the Nobel committee has awarded its economic prize for 2020 to two high theorists – Robert Wilson and Paul Milgrom — for advances in game theory, and specifically auctions.
The committee was right to...