The Nobel Prize 2020 in Economic Sciences was awarded to Paul R Milgrom and Robert B Wilson “for improvements to auction theory and inventions of new auction formats.”
“This year’s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies,” said The Royal Swedish Academy of Sciences in a release.
“Their discoveries have benefitted sellers, buyers and taxpayers around the world,” it added.
In 2019, the award was shared by Indian-American economist Abhijit Banerjee, Esther Duflo and Michael Kremer. The trio was awarded for their experimental approach to alleviating global poverty.
The Nobel for Economic Sciences in 1998 was won by Kolkata-born economist Amartya Sen “for his contributions to welfare economics.”
Last year, Indian-American Abhijit Banerjee won the Nobel Prize for Economics. He shared the award with his French-American wife Esther Duflo and another American economist Michael Kremer for their “experimental approach to alleviating global poverty.”
Who else won the Nobel Prize this year?
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