The work of Paul Milgrom and Robert Wilson is used in the sale of airport slots and radio spectrums.
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This year's Nobel Prize in Economics has been jointly awarded to Paul Milgrom and Robert Wilson, and there's been a mixed reception.
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For some, their work on auction theory has made an important contribution to the discipline. However, as the world lives through a pandemic, some argue that the esoteric nature of their work rather suggests that the subject is still too interested in studying arcane areas of theory rather than dealing with issues that have broader applications.