2020 Nobel Prize: Paul Milgrom, Robert Wilson win 2020 Nobel economics prize | The Business Standard
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Paul Milgrom, Robert Wilson win 2020 Nobel economics prize

World+Biz

Reuters
12 October, 2020, 04:10 pm
Last modified: 12 October, 2020, 06:07 pm

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Paul Milgrom, Robert Wilson win 2020 Nobel economics prize

Reuters
12 October, 2020, 04:10 pm
Last modified: 12 October, 2020, 06:07 pm
Pictures of the winners of the 2020 Nobel prize in economic sciences, Paul R. Milgrom and Robert B. Wilson, are displayed on a screen at a news conference in Stockholm, Sweden October 12, 2020. TT News Agency/Anders Wiklund via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. SWEDEN OUT. NO COMMERCIAL OR EDITORIAL SALES IN SWEDEN
Pictures of the winners of the 2020 Nobel prize in economic sciences, Paul R. Milgrom and Robert B. Wilson, are displayed on a screen at a news conference in Stockholm, Sweden October 12, 2020. TT News Agency/Anders Wiklund via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. SWEDEN OUT. NO COMMERCIAL OR EDITORIAL SALES IN SWEDEN

US economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said on Monday.

"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said in a statement.

"Auctions are everywhere and affect our everyday lives. This year's Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world," the Nobel Prize's official website tweeted.

New auction formats have been used for radio spectra, fishing quotas, aircraft landing slots and emissions allowances.

BREAKING NEWS:
The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats."#NobelPrize pic.twitter.com/tBAblj1xf8— The Nobel Prize (@NobelPrize) October 12, 2020

The economics prize, won by such luminaries as Paul Krugman and Milton Friedman in the past, was the final of the six awards in 2020, a year in which the Nobels have been overshadowed by the COVID-19 pandemic.

The traditional gala winners' dinner in December has been cancelled and other parts of the celebrations are being held digitally to avoid the risk of spreading the infection.

The 10-million-Swedish-crown ($1.14 million) economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was established by Sweden's central bank and first awarded in 1969.

The Norwegian Nobel Committee plans to go ahead with an award ceremony, albeit in a reduced format due to the coronavirus pandemic, in Oslo on Dec. 10, the anniversary of the death of Alfred Nobel.

Top News

Nobel Prize 2020 / Economic

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