The Royal Swedish Academy of Sciences has determined to award the Sveriges Riksbank (Sweden’s central financial institution) Prize in Economic Sciences in Memory of Alfred Nobel 2020 to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats”.
Their theoretical discoveries have improved auctions in observe:
This yr’s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have additionally used their insights to design new public sale codecs for items and providers which are troublesome to promote in a standard manner, akin to radio frequencies. Their discoveries have benefitted sellers, patrons and taxpayers around the globe. The new public sale codecs are a lovely instance of how primary analysis can subsequently generate innovations that profit society. The uncommon function of this instance is that the identical folks developed the speculation and sensible purposes. The Laureates’ ground-breaking analysis about auctions has thus been of nice profit, for patrons, sellers and society as a complete.
Paul R. Milgrom,
- He was born in 1948 in Detroit, USA.
- PhD. 1979 from Stanford University, Stanford, USA.
- Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, USA.
Robert B. Wilson,
- He was born in 1937 in Geneva, USA.
- D.B.A. 1963 from Harvard University, Cambridge, USA.
- Adams Distinguished Professor of Management, Emeritus, Stanford University, USA.
History of Nobel Prize in Economic Sciences:
In 1968, Sveriges Riksbank (Sweden’s central financial institution) established the Prize in Economic Sciences in Memory of Alfred Nobel, founding father of the Nobel Prize. The Prize is predicated on a donation obtained by the Nobel Foundation in 1968 from Sveriges Riksbank on the event of the Bank’s three hundredth anniversary. The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
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