[ad_1]
Nobel Prize in Economics for Paul Milgram (left) and Robert Wilson
This year’s Nobel Prize in Economics went to two people, Paul Milgram (left) and Robert Wilson (right).
The Nobel Committee of the Royal Swedish Academy of Sciences announced on the 12th (local time) that Paul Milgrum, professor at Stanford University in the United States, and Robert Wilson, professor emeritus at Stanford University, were selected as the winners. Nobel Prize in Economics 2020.
Professor Milgram turns 72 this year and is a professor at Stanford University. He has studied in various fields of economics, such as auction and incentive theory, industrial economics, economic history, and game theory. He specialized in business administration and statistics. Drawing on his specialty, he served as a stock auction advisor on Google’s IPO.
Professor Wilson, 83, is Professor Emeritus at the Stanford University School of Business. He has mainly studied game theory and application. Specialized fields include competitive bidding such as auctions, pricing plans, and wage negotiation models. It has a reputation for contributing to the improvement of the auction model in large fields such as oil, telecommunications and energy. He received an honorary doctorate in economics from the Norwegian School of Economics and Management and an honorary doctorate in law from the University of Chicago.
The two became famous for suggesting a new auction model through research on auction theory. Auction theory is the study of the characteristics of the auction market and the behavior of people.
Professor Milgram and Professor Emeritus Wilson have studied and suggested how to design the auction market according to the context and purpose of the auction, and how resources are most efficiently allocated. According to Stanford University, it is very simple for bidders and resource allocation is drastically improved compared to the existing auction format.
The auction format developed by Milgrom and Wilson et al. Was used in US radio license auctions. It was also used in radio frequency, electricity and natural gas auctions. The carbon credit trading system to reduce environmental pollution is based on his auction theory.
The Nobel Committee said, “They improved auction theory and came up with a new auction format. Through this, they improved the benefit of the seller, the buyer and the taxpayer.”
Reporter Sun Han-gyeol [email protected]
Ⓒ Hankyung.com prohibits unauthorized reproduction and redistribution
