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Americans Paul R. Milgrom, 72, and Robert B. Wilson, 83, professors at Stanford University, were awarded this Monday (12) with the Nobel Prize in Economics for their work on improving the theory and inventions of new auction formats.
“This year’s winners studied how auctions work. They also used their knowledge to create a new auction and formats for goods and services that are difficult to sell in traditional ways, such as radio frequencies. Their findings have benefited sellers, buyers and taxpayers from all over the world, “according to the Royal Swedish Academy of Sciences.
One of the findings of Milfrom and Wilson is that the rational offer tends to be below the best estimate of the common value due to concerns about the so-called “winner’s curse”, that is, overpaying and, for So much for a loss
The winners will share the prize of SEK 10 million (around R $ 6.3 million).
The Swedish Academy announces the 2020 Nobel Prize in Economics for Paul Milgrom and Robert Wilson (projected) – Photo: Anders Wiklund / TT / AP
Professor Paul Milgrom is one of the winners of the 2020 Nobel Prize in Economics – Photo: Playback / Twitter / Stanford University
Paul R. Milgrom was born in 1948 in Detroit, Michigan, United States. He obtained his doctorate in 1979 from Stanford University, also in the United States. He is a professor at the same university.
Professor Roger Wilson is one of the winners of the 2020 Nobel Prize in Economics – Photo: Playback / Twitter / Stanford University
Robert B. Wilson was born in Geneva, United States, in 1937. He received a doctorate from Harvard University in 1963 and is also a professor emeritus at Stanford University.
Paul Milgrom’s research is geared towards auction design for several unique but related items. Together with Robert Wilson, he presented the initial project for the sale of radio spectrum licenses in the United States. He designed new auctions for Internet advertising and for the purchase of complex services. Research on incentives and complexity is combined to create auctions that are simple and straightforward for bidders, but that improve resource allocation compared to traditional auction designs.
Robert Wilson studies game theory and its applications to business and economics. His research and teaching focuses on market design, pricing, negotiation, and issues related to industrial organization and the information economy. His contribution has been in competitive bidding strategies and auction projects in the oil, communications and energy industries, and in the design of innovative pricing schemes.
Paul R. Milgrom and Robert B. Wilson win the 2020 Nobel Prize in Economics – Photo: Playback / Twitter / Nobel
The economics prize, officially called the “Bank of Sweden Prize in Economic Sciences in memory of Alfred Nobel”, was created in 1968. The honor was not part of the original group of five prizes established by the will of the Swedish industrialist Alfred Nobel, creator of dynamite. The other Nobel prizes (Medicine, Physics, Chemistry, Literature and Peace) were awarded for the first time in 1901.
The Nobel Prize in Economics is the last to be awarded this year. The Medicine, Physics, Chemistry, Literature and Peace awards were announced last week.
Nobel 2020 winners
- Peace: UN World Food Program
- Literature: Luck Louise
- Physical: Roger Penrose, Reinhard Genzel and Andrea Ghez
- Chemistry: Emmanuelle Charpentier and Jennifer Doudna
- Medicine: Harvey J. Alter, Michael Houghton and Charles M. Rice.
Latest winners of the Nobel Prize in Economics
2019: Abhijit Banerjee, Esther Duflo and Michael Kremer (USA), for his work in the fight against poverty.
2018: William D. Nordhaus and Paul M. Romer (USA), for his studies on sustainable economics and long-term economic growth.
2017: Richard Thaler (United States), for his research on the consequences of psychological and social mechanisms in consumer and investor decisions.
2016: Oliver Hart (UK / US) and Bengt Holmström (Finland), for his contributions to contract theory.
2015: Angus Deaton (UK / US) for his studies on “consumption, poverty and well-being”.
2014: Jean Tirole (France), for his “analysis of market power and regulation.”
2013: Eugene Fama, Lars Peter Hansen and Robert Shiller (United States), for his work in the financial markets.
2012: Lloyd Shapley and Alvin Roth (United States), for his work on the best way to match supply and demand in a market, with applications in organ donation and education.
2011: Thomas Sargent and Christopher Sims (United States), for jobs that allow understanding how unforeseen events or programmed policies influence macroeconomic indicators.
2010: Peter Diamond, Dale Mortensen (USA) and Christopher Pissarides (Cyprus / UK), a trio that improved the analysis of the markets in which supply and demand have difficulties to coincide, especially in the labor market.
2009: Elinor Ostrom and Oliver Williamson (United States), for their separate works showing that the company and user associations are sometimes more effective than the market.
2008: Paul Krugman (United States), for his work in international trade.
