On November 18, 2014, Paul Milgrom delivered the Arrow Lecture at Columbia University in honor of Columbia’s most famous graduate: Kenneth Arrow. A book series in Arrow’s honor was also launched, with books written by some of the greatest economic theorists of the modern era. All in the room acknowledged their intellectual debts to Kenneth Arrow, whose foundational contributions to social choice theory, general equilibrium theory, health economics, and the economics of innovation, to name just a few, have forever changed the form of economic analysis.
Paul videotaped lectured about “Prices and Decentralization without Convexity,” and was lucky to have Arrow, along with another Nobel laureate, Joseph Stiglitz and operations research Jay Sethuraman, provide discussions afterwards. The presentation emphasized some of the theoretical advances that provide the foundation for design innovations for the US “incentive auction,” which will organize to the reassignment of the 600MHz band from its current use in television broadcasting to a new use in mobile broadband.