The Royal Swedish Academy of Sciences has decided to award the 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Paul R. Milgrom, Robert B. Wilson “for improvements to auction theory and inventions of new auction formats”
WEB DESK
Two American economists Paul R Milgrom and Robert B Wilson jointly won this year’s Nobel Prize in Economics. Both economists are based at Stanford University in California. The announcement was made in Stockholm today.
Paul Milgrom and Robert Wilson were chosen for the Nobel Prize in Economics for improvements to auction theory and inventions of new auction formats.
The Royal Swedish Academy of Sciences said, the new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society. The unusual feature of this example is that the same people developed the theory and the practical applications.
Technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1969 and is now widely considered one of the Nobel prizes.
Paul R. Milgrom
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020
Born: 20 April 1948, Detroit, MI, USA
Affiliation at the time of the award: Stanford University, Stanford, CA, USA
Prize motivation: “for improvements to auction theory and inventions of new auction formats.”
Prize share: 1/2
Robert B. Wilson
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020
Born: 1937, Geneva, NE, USA
Affiliation at the time of the award: Stanford University, Stanford, CA, USA
Prize motivation: “for improvements to auction theory and inventions of new auction formats.”