Peter Frederickson, chairman of the Rewards Committee, said in a statement: “This year’s winners in economic science began with a basic principle and later used their results in practical applications, which have spread globally. Their findings are of great benefit to society.” Committee Chairman Peter Frederickson said in a statement.
According to the Royal Swedish Academy of Sciences, economists invented new formats for auctioning off many interrelated items on behalf of the developed, motivated to do good for society rather than just achieving a maximum price.
In 1994, U.S. authorities first used their format to sell bands of radio spectrum. Doing so helped ensure that taxpayers are benefiting from the sale of radio frequencies that are owned by the government but are very valuable to mobile network tors operators.
The prize for economics is officially known as the Suarez Riksbank Prize in Economic Sciences. It was founded by Sweden’s central bank and has been awarded since 1969 in memory of businessman Alfred Nobel.
Milgrom and Wilson will share 10 million Swedish kronor (1.1 million) in prize money.
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