– They are trying to catch you – E24

– I was asleep and the mobile is configured so that it does not receive calls from unknown numbers. So they couldn’t locate me, says Paul R. Milgrom in a video interview with Reuters.

On Monday, Milgrom received the Nobel Prize in Economics with Robert B. Wilson for his research on auctions.

– But then someone knocked on the door, explains Milgrom.

Surprised in the middle of the night

Both Milgrom and Wilson are professors at Stanford University and live on opposite sides of the same street.

A video from the university shows Wilson knocking on Milgrom’s door to convey the good news.

– Paul? Paul! It’s Bob Wilson! You’ve won the Nobel Prize, says Wilson as he knocks on the door in the dark.

– They try to catch you, but they can’t. They don’t seem to have a number to contact you.

Milgrom’s first reaction was “Yeah, wow! OK! “.

– Generate astronomical sums

Formally, the award under the name of the Sveriges Riksbank Prize in Economic Sciences is in memory of Alfred Nobel. The award was first awarded in 1969 and is not part of Alfred Nobel’s will. This has led to various discussions over the years about the name of the award.

Milgrom and Wilson won the award for using their knowledge to design new auction formats for goods and services that are difficult to sell in traditional ways, such as radio frequencies.

The chairman of the price committee, Peter Fredriksson, stressed during a press conference in Stockholm that the auctions are “of enormous importance”.

– They generate astronomical sums every day between buyers and sellers. They affect us all, perhaps more than we think. You probably bought your home at auction. When auctions are that important, it’s important that they’re done the right way, Fredriksson said.

Here you can read more about why Milgrom and Wilson received this year’s award.