Stockholm: The Nobel Prize 2020 in Economic Sciences on Monday was awarded to US economists Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.” Milgrom and Wilson, who are both professors at Stanford University in California, were recognized for theoretical discoveries that improved how auctions work.
“Auctions are everywhere and affect our everyday lives. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world,” the Nobel Prize’s official website tweeted.
Along with enormous prestige, the prize comes with a 10-million krona ($1.1 million) cash award and a gold medal to be handed out at a ceremony in Oslo, Norway, on December 10, the anniversary of prize founder Alfred Nobel’s death.
In 2019, the award was shared by Indian-American economist Abhijit Banerjee, Esther Duflo and Michael Kremer. The trio was awarded for their experimental approach to alleviating global poverty.