Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson.
Economists Milgrom and Wilson won the 2020 Nobel “for improvements to auction theory and inventions of new auction formats.”
On Monday, the Royal Swedish Academy of Sciences announced the winners from Stockholm. They also declared it on their official Twitter profile while.
While honoring Paul R. Milgrom and Robert B. Wilson, the academy said:
“The new auction formats are a beautiful example of how basic research can generate inventions that benefit society.”
The economics prize is not among the original awards, started in 1895. The official will of industrialist Alfred Nobel included only five honors. This award was established later in 1969.
Winners of 2020 Nobel prize in Economics
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
Paul R. Milgrom is an American economist. He is also a professor of Humanities and Sciences at Stanford University.
He is a well-known expert in game theory and mostly in auction theory. And also in pricing tactics as well. Milgrom was born in Detroit, in the United States.
Another Nobel winner, Robert Butler Wilson, is also a professor at Stanford University.
Recent history of laureates in Economics
Speaking of past winners, last year the prize went to three economists. Abhijit Banerjee, Esther Duflo, and Michael Kremer were the laureates.
They won for their experimental approach to alleviate global poverty.
In 2018, economists William Nordhaus and Paul Romer were awarded in this category.
The first-ever Nobel in economics was awarded in 1969. It was given to Ragnar Frisch and Jan Tinbergen.
Nobel winners this year
The laureates in literature, chemistry, physics, physiology and medicine, and peace have been announced.
Last week, Louise Glück won the honor of poetry and her “uncompromising work.”
She’s also won the Pulitzer Prize, National Humanities Medal, and National Book Award. And also the National Book Critics Circle Award and the Bollingen Prize.
Winners in the chemistry field are the scientists behind a great gene-editing tool. The names were revealed last Wednesday.
And the prize in physiology and medicine went to a team of scientists.
The laureates announced in physics included astronomer Andrea M. Ghez and mathematician Roger Penrose. They made great development in understanding the mysteries of black holes.
On Friday, the Nobel peace prize went to the UN World Food Programme.
WFP is the food assistance branch of the United Nations and focuses on hunger and food security.
The official Nobel award ceremony will be held on December 10. Due to the pandemic, however, this year, it will be scaled down in many ways.
Image courtesy of Paramonov Alexander/Shutterstock