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Peter Englund, who served on the committee many years ago, points out that both award winners are theoreticians, but at the same time their theories apply, especially when it comes to network frequency auctions.
– It is theory that is used, so I think the Committee is quite satisfied. It’s always nice to be able to write about a price where an abstract theory exists, but at the same time to be able to show that it has actually been used, such as when a state is auctioning frequencies.
Milgrom and Wilson combination is natural, believe
– Wilson did the early and most fundamental things. Milgrom has probably been more on the practical and applied side, but both are game theorists, says Englund,
Englund says the use of the laureates’ theories is “a huge area.”
– There really is no restriction in the application when a state wants to sell rights of various kinds.
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Read more: Milgrom and Wilson receive Alfred Nobel Memorial Prize in Economics
