Auctionomics team members Kevin Leyton Brown, Gary Epstein and Ilya Segal are awarded the 2018 Franz Edelman Award
20 April 2018 - Auctionomics team members Kevin Leyton Brown, Gary Epstein and Ilya Segal are awarded the 2018 Franz Edelman Award for Achievement in Analytics, Operations Research, and Management Science for its innovative repurposing of wireless spectrum in the 2017 Incentive Auction. Other essential FCC team members and consultants share the award. The auction, which Auctionomics is proud to have designed and helped implement, raised more than $19 billion in revenue and repurposed 84 MHz of TV spectrum for mobile broadband, 5G technologies and other wireless uses – all of which "would not have been possible without the use of data analytics to solve complex design and implementation challenges," according to FCC Chairman Ajit Pai. Read more
12 Feb 2018 - If you want to know why Paul Milgrom is an Economist you should know, then you can't miss reading this article from Evan Peterson at OpenMarkets, "Paul Milgrom’s work in economics has made him a giant in the field. He’s developed world-changing ideas on game theory, auction theory and market design at places like Northwestern, Yale and Stanford".
If you want to know you can also watch this video:
Prof. Paul Milgrom wins CME Group-MSRI and John J. Carty Award Prize
14 Jan 2018 - Auctionomics co-founder and chairman Paul Milgrom has been awarded both the 2017 CME Group-MSRI Prize in Innovative Quantitative Applications, from the Chicago Mercantile Exchange & Mathematical Sciences Research Institute, and the 2018 John J. Carty Award for the Advancement of Science, from the U.S. National Academy of Sciences.
The John J. Carty Award is presented biennially "to recognize noteworthy and distinguished accomplishments in any field of science within the National Academy of Science’s charter." The 2018 award was presented jointly to Professor Milgrom, Robert B. Wilson and David M. Kreps "For making fundamental advances to game theory by showing how incomplete information alters equilibrium outcomes." The award citation further states: "Their advances enhance our understanding the impact of reputation and the emergence of cooperation. The resulting insights enrich the analysis and application of auctions for allocating scarce resources."
In describing the contributions of the recipients, the National Academy of Sciences highlighted their work on auction design: "Later, the entire modern telecommunications industry arose out of an auction format developed by Milgrom and Wilson, along with Preston McAfee, for the 1994 radio spectrum auctions by the Federal Communications Commission. The simultaneous ascending auction format, in which each bidder can bid for multiple licenses over a series of rounds so long as it remains “sufficiently active,” has since been used around the world to allocate hundreds of billions of dollars’ worth of wireless licenses. Variations of the format have also been applied to numerous other industries, including electricity markets and various commodity markets."
24 Jul 2017 - Don't miss this interesting article written by Scott Duke Kominers for Bloomberg. People are watching TV on devices, so mobile companies need more spectrum and broadcasters need less. Here's how to get there.
26 Jun 2017 - Auctionomics team members, Kevin Leyton-Brown, Paul Milgrom and Ilya Segal have designed an artificial intelligence system for the incentive auction which serves as an example of how computer science and artificial intelligence are now necessary to handle the day-to-day processes and demands of our world. In the past, with less complex products to sell, governments and economists could have made an auction work on their own. In this case,
6 Jun 2017 - Read this interesting interview in which Prof. Paul Milgrom talks about the dangers of protectionism, game theory basic concepts, or the situation of the Spanish economy, among other relevant topics.
Interview to Silvia Console Battilana (Auctionomics CEO), held during the World Economic Forum 2017, and published on Business Insider
20 Jan 2017 - Lianna Brinded, from Business Insider journal interviewed Dr. Silvia Console Battilana, CEO and co-founder of the Silicon Valley-based company Auctionomics, which combines economic theory and online auctions.
Auctionomics team members Jonathan Levin and Andrzej Skrzypacz explain how CCA auctions can be gamed
12 Dec 2016 - Why do some companies pay less for broadcast and wireless spectrum? Companies with the right expert auction advice pay less for broadcast and wireless spectrum because they are able to game the combinatorial clock auction rules.
28 Oct 2016 - Congratulations to Dr. Silvia Console Battilana, Auctionomics CEO, who has been awarded as young global leader 2017. She looks forward to working together with this amazing group of individuals selected by 11 former prime ministers – among them Carl Bildt, and incoming UN Secretary-General António Guterres.
24 Aug 2016 - Priceonomics has published an interesting article about spectrum auctions which includes, among others, statements such as "Milgrom is well positioned to know. Once again, he has played the role of market designer" or when talking about the incentive auction: "he reshaped an entire industry and gave governments around the world a tool to collect hundreds of billions of dollars in extra revenue."
23 May 2016 - Prof. Jon Levin, the former chair of the Stanford Department of Economics and a renowned expert in the field of industrial organization, will be the tenth dean of Stanford Graduate School of Business. “Jonathan is an outstanding teacher, a skilled and innovative administrator, and a brilliant scholar who has deep understanding of both the academic enterprise and the workings of industry and government,” Etchemendy said. In addition to his academic research, Levin has consulted for a number of Fortune 500 companies as well as the Federal Communications Commission and the U.S. Treasury. He was part of the expert group that designed the first vaccine Advanced Market Commitment, and was one of the economists who participated in the design of the FCC’s broadcast incentive auction.
11 May 2016 - Prof. Paul Milgrom was in charge of the 33rd annual Nancy L. Schwartz Memorial Lecture that took place past February the 17th on the Kellogg’s School of Management Center for Game Theory and Economic Behavior. The lecture series is named in honor of Nancy Schwartz, Kellogg's first woman faculty member appointed to an endowed chair. In its illustrious history, the series has featured 14 Nobel Prize for Economic Sciences laureates.
28 April 2016 - As published by Krysten Crawford in SIEPR highlights, Prof. Paul Milgrom pulled together an interdisciplinary “dream team” of top experts in economics and computer science: Jonathan Levin, also a SIEPR senior fellow and faculty member in economics; Ilya Segal, a professor of economics at Stanford; and Kevin Leyton-Brown, a computer scientist at the University of British Columbia who earned his PhD from Stanford. As it turns out, there are roughly 2.7 million ways in which a channel reassignment could cause interference. They came up with a solution that can resolve any interference issue in less than one minute 98 percent of the time.
27 August 2014 - As published in The International Business Times, The International Monetary Fund (IMF) has identified twenty-five young economists who it expects will shape the world’s thinking about the global economy in the future. In this list we can find one of our affiliates, Jonathan Levin. Congratulations Jon!
July 17, 2014 - Robert Wilson, Paul Milgrom and R. Preston McAfee, whose basic research on game theory and auctions enabled the Federal Communications Commission (FCC) to first auction spectrum licenses in 1994, were announced today as recipients of the 2014 Golden Goose Award. They will receive their awards on September 18 at the third annual Golden Goose Awards ceremony…
Golden Goose Award
July 17, 2014 - Robert Wilson, Paul Milgrom and R. Preston McAfee, whose basic research on game theory and auctions enabled the Federal Communications Commission (FCC) to first auction spectrum licenses in 1994, were announced today as recipients of the 2014 Golden Goose Award.
April 10, 2014 - Congratulations to Jon Levin, who was one of only two economists to win a Guggenheim fellowship in this year’s competition! Jon proposes to use his fellowship to study competition in health care. Guggenheim Fellowships are grants to selected individuals made for a minimum of six months and a maximum of twelve months. The Foundation understands…
Kevin Leyton-Brown receives 2013 CAC/AIC Outstanding Young Computer Science Researcher Prize
March 25, 2014 – UBC Computer Science Associate Professor Kevin Leyton-Brown is the recipient of a 2013 Canadian Association of Computer Science (CASC/AIC) Outstanding Young Computer Science Researcher Prize. The award recognizes young computer science faculty members at Canadian universities within 10 years of their Ph.D who have made significant contributions in their research careers. Kevin was one of three eligible Canadian computer scientists who were selected for the prize. He is the 11th computer scientist to win since this prize was established in 1965. Congratulations Kevin!
Kevin Leyton-Brown receives NSERC E.W.R. Steacie Memorial Fellowship
February 3, 2014 – Prof. Kevin Leyton-Brown, a Stanford University graduate and winner of a 2014 Steacie Memorial Fellowship is working at the intersection of computer science and microeconomics to develop mathematical theories and algorithms that will benefit both buyers and sellers by improving how markets make decisions. An algorithm arising from Dr. Leyton-Brown’s research is the top contender for use in the United States government’s upcoming $50 billion “incentive auction” of broadcast airwaves, which is likely to be replicated worldwide. NSERC’s top researchers in the natural sciences and engineering are honoured each year for a wide range of achievements that showcase the research talent and innovation taking place in Canadian universities.
Paul Milgrom wins the BBVA Foundation Frontiers of Knowledge Awar in the Economics, Finance and Management category (5th edition)
July, 1, 2013 – The BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category goes in this fifth edition to U.S. mathematician Paul Milgrom “for his seminal contributions to an unusually wide range of fields of economics including auctions, market design, ...
FCC announces Paul Milgrom and other leading auction experts to advise commission on incentive auction design and implementation
March 27, 2012 – FCC Chairman Julius Genachowski said, “I am delighted to have this world-class team of experts advising the Commission on this historic undertaking. Our plan is to ensure that incentive auctions serve as an effective market mechanism to unleash more spectrum for mobile broadband and help address the looming spectrum crunch. Our implementation of this new Congressional mandate will be guided by the economics, and will seek to maximize the opportunity to unleash investment and innovation, benefit consumers, drive economic growth, and enhance our global competitiveness. The knowledge and experience of this team will complement the substantial expertise of agency staff to meet these goals.”
The full press release is available here.
September 19, 2011 - Paul’s 20-year-old research on incentives was mentioned in an article published on September 19 in the New York Times. According to the article, too much pressure to improve students’ test scores can reduce attention to other aspects of the curriculum and discourage cultivation of broader problem-solving skills, also known as “teaching to the test.” The economists Bengt Holmstrom and Paul…
Reed Hundt visited the Auctionomics office and joined the Auctionomics board of advisors. Hundt was the chairman of the United States Federal Communications Commission when the first major auction for radio spectrum was desgined and run, and a member of Obama’s transition team.
The Economist Magazine
September 16th, 2011 – Paul’s work as a bidding adviser is given a nice mention in the September 3, 2011 issue of The Economist magazine. According to the article, “In the run-up to an online auction in 2006 of radio-spectrum licences by America’s Federal Communications Commission, Paul Milgrom, a consultant and Stanford University professor, customised his game-theory software to assist a consortium of bidders. The result was a triumph.
When the auction began, Dr Milgrom’s software tracked competitors’ bids to estimate their budgets for the 1,132 licences on offer. Crucially, the software estimated the secret values bidders placed on specific licences and determined that certain big licences were being overvalued. It directed Dr Milgrom’s clients to obtain a patchwork of smaller, less expensive licences instead. Two of his clients, Time Warner and Comcast, paid about a third less than their competitors for equivalent spectrum, saving almost $1.2 billion.”
The article unfortunately failed to mention that the this consulting project was a joint effort by three Stanford professors. The two others were Jonathan Levin and Jeremy Bulow.
May 15, 2011 - On May 9-10, Paul was in Santiago, Chile to advocate the creation of individual transferable fishing quotas (ITQs) and the use of auctions to assign at least half of them. (Chilean law authorizes auctions only for half of the fishing rights.) The use of auctions would not change the total allowable catch, but would open the door to new entry by more efficient firms. Currently, entry is blockaded by a handful of firms that control all the rights. Not only would auctions enhance efficiency, but they would also capture a portion of the value of fishing rights for the Chilean population, just as radio spectrum auctions have promoted efficiency and captured value in many countries.
El Mercurio newspaper published an interview with Paul on May 10, which can be found here.
Paul's Interview on CNBC-e
March 28th, 2011 – Paul was interviewed on Turkish television last week, discussing the economic challenges that Turkey faces, particularly in its telecom sector.
March 16, 2011 - Paul Milgrom of Stanford University and Auctionomics, Inc. delivered the Berglas Lecture for 2011 at Tel Aviv University. The topic is the importance of budget constraints in auctions. Watch a video of the talk here(courtesy of Tel Aviv University).
February 25, 2011 - Prof. Milgrom is interviewed in Conjuntura Econômica, a prominent business/economics journal in Brasil. “It is a consensus among Economists that Paul Milgrom´s contributions on Auction Theory, Game Theory, Organizational Economics and Finance put him on a short-list for the Nobel Prize in Economics. On top of his academic contributions, Milgrom has also had a key…
Veja Magazin Interview
February 5th, 2011 - Paul was featured this month in Brazil’s Veja magazine, which with over 1 million subscribers is the largest circulation magazine in South America.
Auctionomics is awarded a National Science Foundation grant
September 22, 2009 - Auctionomics has been awarded an SBIR (Small Business Innovative Research) from the National Science Foundation grant to develop the technology of using budgets in multi-product auctions.