2 economists win Nobel Prize for work on auction theory
Published: 04:33 PM, 12 October 2020 Updated: 04:34 PM, 12 October 2020
Paul R. Milgrom and Robert B. Wilson
The Nobel Prize in Economic Sciences has been awarded to US economists Paul R. Milgrom and Robert B. Wilson for work on commercial auctions.
The duo were commended for their “improvements to auction theory and invention of new auction formats,” the Nobel Committee said.
In a statement, The Royal Swedish Academy of Sciences said that the discoveries by Milgrom, 72, and Wilson, 83, “have benefitted sellers, buyers and taxpayers around the world”.
The winners will share the prize sum of 10 million Swedish kronor (about $1.1 million, 950,000 euros).
Milgrom is the Shirley and Leonard Ely professor of humanities and sciences at Stanford University and Wilson, is the Adams distinguished professor of management, Emeritus at Stanford.
Last year, the honour went to French-American Esther Duflo, Indian-born Abhijit Banerjee of the US, and American Michael Kremer for “their experimental approach to alleviating global poverty.”
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 51 times to 84 Laureates between 1969 and 2019.