Updated: October 12, 2020 3:33:13 pm
Economist Paul R. Milgrom (left) and Robert B. Wilson. (Source: Johan Jarnestad / The Royal Swedish Academy of Sciences ”)
The 2020 Nobel Prize in Economics was awarded Monday to Paul R. Milgrom and Robert B. Wilson “for improvements in auction theory and inventions of new auction formats.”
“This year’s laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their knowledge to design new auction formats for goods and services that are difficult to sell in the traditional way, such as radio frequencies, ”the Royal Swedish Academy of Sciences said in a press release.
BREAKING NEWS:
The 2020 Sveriges Riksbank Prize in Economics in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements in auction theory and inventions of new auction formats.”#Nobel Prize pic.twitter.com/tBAblj1xf8– The Nobel Prize (@NobelPrize) October 12, 2020
“His discoveries have benefited sellers, buyers and taxpayers around the world,” he added.
The award culminates a week of Nobel prizes and is technically known as the Sveriges Riksbank Prize in Economics in Memory of Alfred Nobel. Since its inception in 1969, it has been awarded 51 times and is now widely considered one of the Nobel Prizes.
Along with enormous prestige, the award comes with a cash prize of 10 million crowns ($ 1.1 million) and a gold medal to be presented at a ceremony in Oslo, Norway, on December 10, the anniversary of the death of the founder of the Alfred Nobel Prize.
In 2019, the award was shared by Indian-American economist Abhijit Banerjee, Esther Duflo, and Michael Kremer. The trio were awarded for their experimental approach to alleviating global poverty.
Who else won the Nobel Prize this year?
* Last week, on Monday, the Nobel Committee awarded the physiology and medicine prize to two Americans and a British scientist for their contribution in identifying the hepatitis C virus, which causes cirrhosis and liver cancer.
* On Tuesday, the physics award honored advances in understanding the mysteries of cosmic black holes by three scientists: a British, German and American astrophysicist.
* The Nobel Prize in Chemistry was awarded Wednesday to two scientists behind a powerful gene-editing tool. They become the sixth and seventh women to win a Nobel Prize in chemistry, joining those of Marie Curie (1911) and Frances Arnold (2018).
* On Thursday, the literature prize was awarded to American poet Louise Gluck for her “sincere and uncompromising” work.
* On Friday, the prestigious 2020 Nobel Peace Prize was awarded to the World Food Program (WFP) for its efforts to combat hunger and food insecurity around the world. The announcement was made in Oslo by Berit Reiss-Andersen, chairman of the Nobel Committee.
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