Economics Nobel 2020: This year’s Economics Nobel has been bagged by Economic Sciences Laureates, Paul Milgrom, and Robert Wilson for their work on auction theory. They also created new auction formats, benefitting sellers, buyers, and taxpayers around the world.
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.”
According to the academy, “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, benefitting sellers, buyers, and taxpayers around the world.”
The prestigious award comes with a 10-million krona ($1.1 million) cash prize and a gold medal. The Sveriges Riksbank Prize in Economic Sciences was established in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes.
Last year’s award went to two researchers from the MIT and a third from Harvard University, for their groundbreaking research into efforts to reduce global poverty.
Until now the Nobel Prize for Physics, Chemistry, and Literature has been distributed. The World Food Programme won the Nobel Peace Prize on Friday for its effort to combat hunger worldwide.