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On Monday it became clear that American professors Paul R. Milgrom and Robert B. Wilson of Stanford University will receive this year’s economics prize in memory of Alfred Nobel.
The winners have improved auction theory and invented new auction formats that benefit sellers, buyers and taxpayers around the world, according to the Royal Swedish Academy of Sciences.
– Different auctions have different objectives. Some sellers may want to maximize revenue, others may use auctions as a tool to achieve other goals, such as increasing liquidity and reducing emissions. Paul Milgrom and Robert Wilson’s auction theory is crucial to understanding how these goals can be achieved, says Tommy Andersson, professor of economics.
– It is clear that they will receive their award before the end of the year and that they will be invited to Stockholm the next time we can celebrate Nobel Week with the traditional festivities, says Göran Hansson of the Royal Academy of Sciences.
Last year, the award was shared between Esther Duflo, Abhijit Banerjee and Michael Kremer for their work against poverty.
The award was established by the Riksbank and has been awarded by the Royal Swedish Academy of Sciences since 1969.
