Paul Milgrom and Robert Wilson. (Twitter / Nobel Prize).
The first Nobel Prize was awarded one year after its creation in 1968. It was awarded to the Dutch economist Jan Tinbergen and the Norwegian Ragner Frisch in 1969 “for having developed and applied dynamic models for the analysis of economic processes.”
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American economists Paul Milgrom and Robert Wilson won the 2020 Nobel Prize in Economics for “improvements in auction theory and inventions of new auction formats.” The Royal Swedish Academy of Sciences issued a statement on Monday, saying: “The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society. His discoveries have benefited sellers, buyers and taxpayers around the world. “
California Stanford University professors Milgrom and Wilson received the prestigious award for their theoretical discoveries that helped understand how auctions work. The duo, who are also neighbors as well as collaborators, also designed auction formats for services such as radio frequencies.
Read more: See: American economist Robert Wilson wakes up co-winner at 2am to report on Nobel Prize
What is the Nobel Prize in Economic Sciences?
Officially named the Sveriges Riksbank Prize in Economic Sciences, the award is awarded under the Nobel Foundation. It was established in 1968 and was born after a donation provided by the Swedish central bank Sveriges Riksbank to the foundation, hence the official name. Interestingly, the award is not technically a Nobel Prize, as it was not established by Alfred Nobel in his will in 1895. However, the foundation awards the award along with the other Nobel laureates and the winners accept the awards at the same ceremony as the Nobel. Despite not being originally endowed by Alfred Nobel, the nomination process, the award selection criteria are also similar to those of the other awards.
Who won the First Nobel Prize in Economics?
The first Nobel Prize was awarded a year after its creation in 1968. It was awarded to the Dutch economist Jan Tinbergen and the Norwegian Ragner Frisch in 1969 “for having developed and applied dynamic models for the analysis of economic processes.”
Women who won the Nobel Prize in Economics
So far, two women have received the Economics award. American economist Elinor Ostrom won the award in 2009 for her “analysis of economic governance, especially the commons.” He had shared the award with Oliver E Williamson. Ostrom is the first of two women to win the award so far. The second is Esther Duflo, who won the award in 2019 alongside Abhijit Banerjee and Michael Kremer for “their experimental approach to alleviating global poverty.”
Indians on the list
Indian economist Amartya Sen was the first Asian to receive the honor in 1998 “for his contributions to welfare economics.” Sen has also contributed greatly to the theory of social choice, economic and social justice, economic theories of famines, decision theory, development economics, public health and welfare measures of countries. through his varied research work.
Indian-American economist Abhijit Banerjee is the second person of Indian origin to receive the award in 2019. Banerjee shared the award with Esther Duflo and Michael Kremer “for their efforts to alleviate global poverty.”
Controversy surrounding the award
The award has often been criticized by many, including Swedish human rights lawyer Peter Nobel, who is the great-grand nephew of Ludvig Nobel, the older brother of founder Alfred Nobel. Nobel accused the foundation of using his last name to award the award, adding that no one in the family wanted an economics award. He had said, “Nobel despised people who cared more for profit than for the welfare of society and there is nothing to indicate that he would have wanted such an award.”
Read more: Paul Milgrom and Robert Wilson win the 2020 Nobel Prize in Economics for their work on auction theory
“This year’s economics honorees started with fundamental theory and then used their results in practical applications, which have spread around the world. Their discoveries are of great benefit to society, ”said Peter Fredriksson, Chairman of the Award Committee, of this year’s award.
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