Stanford Economists Receive Nobel Prize for Auction Theory Work

Leading Selby Lane LLC in California, David Colin Burke draws from over two decades of finance and business experience. An alumnus of the Stanford University Graduate School of Business (Stanford GSB), David Colin Burke lectures at the University of Virginia McIntire School of Commerce and the Stanford GSB. A Stanford Institute for Economic Policy Research (SIEPR) senior fellow and a distinguished Stanford GSB professor were among the recipients of the 2020 Nobel Peace Prize.

Stanford economists Paul Milgrom and Robert Wilson are the winners of the 2020 Nobel Prize in Economic Sciences for their explorations in auction theory and the development of new auction formats. The two men are known for research in pricing and auction-market design as related to industrial organizations.

This seminal work has informed how competitive bidding strategies take place within industries such as natural resources, energy, and communications. In particular, the auction format that they created informs FCC radio spectrum auctions, which have defined the telecommunications sector since the mid-1990s and are used to allocate licenses worldwide.

The Nobel-winning economists are now focusing on ways in which auction design can address new challenges, such as the equitable distribution of high-demand medical supplies within the COVID-19 pandemic context.

The Miller Center’s National Commission’s Focus on Educational Change

An active presence in the venture capital and direct equity investment sphere, David Colin Burke maintains a strong relationship with his alma mater, the University of Virginia (UVA), as a global citizen. Among the internationally focused organizations that David Colin Burke is active with is the Board of the Miller Center of Public Affairs at UVA.

Over the decades, the Miller Center has convened a variety of nonpartisan efforts aimed at strengthening democracy and the institutions that make the country function. At the close of 2016, this led to the launch of the National Commission on Financing 21st Century Higher Education. The Commission had a focus on funding and policy transformations necessary to achieve a goal of 60 percent of the U.S. labor force earning a postsecondary certificate or degree in less than a decade.

A particular focus is on pivoting toward higher education finance models that are sustainable in the long term. Of importance is finding lower cost pathways of instruction that are innovative, effective, and able to reach students of color and those of lower income. From a public funding standpoint, this would require making better use of available funds and realigning incentives.

At the core of the National Commission effort has been a 10-paper series, including “State Strategies for Leveraging Employer Investments in Postsecondary Education” and “Higher Education: Social Impact Bonds and Income Share Agreements,” by outside authors that is available on the Miller Center website.