Prof. Bo Chen,Warwick Business School, University of Warwick, England, United Kingdom

The 2020 Nobel Prize in Economics was awarded to Paul Milgrom and Robert Wilson for their improvements to auction theory and inventions of new auction formats. Their theoretical discoveries have improved auctions in practice and benefitted sellers, buyers and taxpayers around the world.
Auction theory provides an explicit model of price making and auctions are of considerable practical significance. Auction theory is closely linked to game theory, combinatorial optimization and computational complexity. In the first half of my talk, I will give a brief overview of auction theory and practice. I will introduce some key concepts and results in auction theory, then provide some examples of best auction practice. In the second half of my talk, I will present my recent studies on some auction problems in the electricity capacity market.