Tommy Andersson, member in The Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences speaks during the announcement of the winners of the “2020 Nobel Prize Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” at the Royal Swedish Academy of Sciences in Stockholm on October 12, 2020. – US economists Paul Milgrom and Robert Wilson won the Nobel Economics Prize for work on commercial auctions, including for goods and services difficult to sell in traditional ways such as radio frequencies, the Nobel Committee said.
ANDERS WIKLUND/TT News Agency/AFP via Getty Images
The 2020 Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson for work on commercial auctions.
The American economists were commended for their “improvements to auction theory and invention of new auction formats,” the committee said.
Milgrom, 72, is the Shirley and Leonard Ely professor of humanities and sciences at Stanford University. Wilson, 83, is the Adams distinguished professor of management, Emeritus at Stanford.
Last year’s winners of the prize were MIT Professors Abhijit Banerjee and Esther Duflo and Harvard Economist Michael Kremer for “their experimental approach to alleviating global poverty.”
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 51 times to 84 Laureates between 1969 and 2019.
