Nobel Prize for Auctions in Practice

Theory of auction formats: Paul Milgrom and Robert Wilson are honoured with the 2020 Nobel award for Economics. Surplex congratulates the prize winners and applies the research results to daily auction practice.

Recently the two economists Paul Milgrom and Robert Wilson were honoured by the Stockholm Nobel Committee for their outstanding work on the theory of auction formats. The industrial auction house Surplex congratulates both researchers on this award and stresses the practical applicability of their results. As a leading industrial auction house that trades in used machinery worldwide, we are also constantly developing our auction formats. In doing so, we try to design the rules of the bidding process in the spirit of Milgrom and Wilson so that optimal results are achieved for all parties involved. From the Nobel Prize winners we have learned, among other things, that our task as a mediator of supply and demand is to create a win-win situation for both buyer and seller. A key step in this direction, which we have also taken over from Milgrom and Wilson, is to ensure maximum transparency of all relevant information. We try to consistently take this principle into account on our auction platform surplex.com. The works of Paul Milgrom and Robert Wilson are a constant source of inspiration. We will continue to try to implement their findings for the benefit of all Surplex customers.

Further Information: https://www.nobelprize.org/uploads/2020/09/popular-economicsciencesprize2020.pdf