The 2020 Nobel Prize in Economics awarded to Paul Milgrom and Robert Wilson
Stockholm. The Royal Swedish Academy of Sciences, on Monday, has decided to award American economists Paul Milgrom and Robert Wilson the 2020 Nobel Prize in Economics for their contributions to auction theory. The prize for Economics, established by Sweden’s central bank, is officially known as the Sveriges Riksbank Prize in Economic Sciences.
Paul Milgrom and Robert Wilson, have clarified how auctions work and why bidders behave in a certain way,and used their theoretical discoveries to invent entirely new auction formats for the sale of goods and services
The prize amount of 10 million Swedish kronor will be shared equally between the two Laureates.
The Nobel Prize Committee took to Twitter to announce the winner: “The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson ‘for improvements to auction theory and inventions of new auction formats’.”
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