Stockholm: The 2020 Nobel Prize in Economic Sciences was on Monday awarded to Paul R Milgrom and Robert B Wilson for their work on auction theory and invention of new auction formats, benefitting sellers, buyers and taxpayers around the world.
The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 to Paul R Milgrom, Stanford University, US and Robert B Wilson, Stanford University, US, for improvements to auction theory and inventions of new auction formats, the academy said in a statement.
Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world, it added.