Paul Milgrom is sold on auction technology. Now he’s just got to sell it to the rest of the world.

The long-time Stanford economics professor and acclaimed auction design guru is taking leave from the university to concentrate full-time on Auctionomics, the company he co-founded this year. Palo Alto-based Auctionomics designs auction software based on years of Milgrom’s research of auctions and economic theory.

The company provides a software-as-a-service product that allows web sites to run their own auctions. But there’s a lot more to it than just allowing the highest bidder to win. Auctionomics software allows users to cap how much they want to spend in multiple auctions going on simultaneously. It can also let users set preferences.

Milgrom founded the company with Stanford Ph.D. and entrepreneur Silvia Console Battilana and Steve Goldband, most recently director of private sector initiatives at the Stanford University Center on Longevity, where he helped commercialize faculty inventions. The team is boot-strapping the company, and will seek venture capital later this year.
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