The 2020 Nobel Prize in Economics was awarded to two American auction experts, Paul Milgrom and Robert Wilson, for their refinement and invention of an auction theory that has benefited buyers, sellers, and taxpayers worldwide. The duo is particularly known for their theory, which has been used to allocate telecommunications frequencies to airplane landing times.
The Swedish National Academy of Sciences announced Oct. 12 that it is awarding the 2020 Nobel Prize in Economics to two American auction experts, Paul Milgrom and Robert Wilson, for improving auction theory and inventing new ways of conducting auctions that benefit both buyers and sellers and taxpayers around the world and affect people’s daily lives.
These two men were favorites for this year’s Nobel Prize in Economics before receiving the award. They are known for their invention of the auction concept that was used to allocate telecommunications frequencies in the United States. In addition, airports also allocate airplane landing and takeoff slots based on their theories. The jury noted that both of them are accomplished in both theory and practice.
Peter Fredriksson, the jury member of the Nobel Prize in Economics, emphasized to the press after the announcement of the winners that auctions are extremely important… These new forms of auctions that they have invented serve society around the world and influence the lives of all of us….
Paul Milgram, born in 1948, is a professor of economics, humanities and social sciences at Stanford University, USA. Robert Wilson, born in 1937, is the Adams Distinguished Professor of Management Emeritus at Stanford University. The two will share the prize of 10 million Swedish kronor.
The Royal Swedish Nobel Committee on October 12 awarded the 2020 Nobel Prize in Economic Sciences to two Americans who were described as “perfect” auction experts, concluding the 2020 series of Nobel Prizes.
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