Stanford University Professor and Auctionomics co-founder Paul Milgrom has just been awarded a Nobel Prize in Economic Sciences alongside his former academic supervisor Professor Robert Wilson.
You might have seen the popular video doing the rounds this week of Wilson ringing Milgrom's doorbell in the middle of the night to let him know he'd won the award!
The two men have been recognised for their work on "...improvements to auction theory and inventions of new auction formats".
Milgrom's acknowledged as the world's foremost authority on auctions and how they work, and designed the US's first radio spectrum auction for the Federal Communications Commission (FCC).
His know-how about the inner workings of this common market mechanism is claimed to have saved some clients hundreds of millions of dollars. Meanwhile with Google search results also being ranked via a background auction process, there are auctions going on for your attention too.
Paul Milgrom Photo: supplied: Stanford University/Andrew Brodhead
