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The Americans Paul milgrom me Robert wilson Receives the Nobel Prize in Economics 2020announced this Monday the Royal Swedish Academy of Sciences, for study at the auction theory.
Formally, the award was awarded to the two academics, linked to Stanford University, for their contributions to “improvements in auction theory and the invention of new auction formats.” The research of these two scholars helped to understand how prices are formed in the sale of goods and services through auctions, while proposing new formats capable of maximizing the “benefits for buyers, sellers, taxpayers and society as a whole. ”Stated the Royal Swedish Academy of Sciences.
One of the findings of Milfrom and Wilson’s research is that rational bidders tend to bid below what is their best estimate of common value, because they are concerned about what is called the “winner’s curse,” that is , paying too much and therefore losing or earning less than could have been possible. It is a survey that has vast implications for the world economy, from fishing quota auctions to carbon emission rights auctions to grooves at airports and radio frequencies.
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
The Alfred Nobel Prize in Economics in Memory was created by the Swedish central bank in 1968 (after the annual awards that were created as early as 1895: Peace, Medicine, Chemistry, Physics and Literature). Last year, economists Abhijit Banerjee, Esther Duflo and Michael Kremer were honored for their experimental work in the fight against poverty.
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