Nobel Prize 2020 in Economics (the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020) was awarded jointly to US economists Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”
- As per the announcement, ‘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. Their discoveries have benefitted sellers, buyers and taxpayers around the world.’
- The winners will share the prize sum of 10 million Swedish kronor (about $1.1 million or €950,000).
- Since its establishment in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes.
(Source: Nobel Prize)
