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The Nobel Prize in Economics goes to the American scientists Paul R. Milgrom and Robert B. Wilson, who investigate the field of the so-called auction theory. The researchers received the award for improving the theory and inventing new auction formats, announced the Royal Swedish Academy of Sciences in Stockholm. In the announcement, he symbolically dropped an auction hammer and pointed out the importance of auctions to economic life, from the exchange of electricity to emission certificates.
The jury said sellers around the world benefited as much as buyers and taxpayers from the research conducted by the two economists. “Auctions are everywhere and they affect our daily lives.” Milgrom and Wilson conduct research at Stanford University in the United States. They had already been considered favorites for this year’s Nobel Prize in Economics.
The award is endowed with SEK 10 million (about € 950,000) per category, which is SEK 1 million more than the previous year. At the time, the business award went to economists Esther Duflo, Abhijit Banerjee and Michael Kremer, who were honored for their services in fighting global poverty.
The Nobel Prize in Economics is the only one of the prizes that does not go back to the will of the inventor of dynamite and donor of the Alfred Nobel Prize. It has been donated by the Swedish Reichsbank since the late 1960s and is therefore not, strictly speaking, a classic Nobel Prize. However, it will be awarded along with the other prizes on the anniversary of Nobel’s death, December 10.
The otherwise lavish award ceremonies in Stockholm and Oslo will take place on a different and much smaller stage this year due to the coronavirus pandemic. In Stockholm, where all the prizes except the Nobel Peace Prize are awarded, instead of the festive ceremony in the concert hall, this time a televised ceremony from the city hall is planned, in which the winners of their respective winners will connect countries of origin.
