The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 to
Paul R. Milgrom
Stanford University, USA
Robert B. Wilson
Stanford University, USA
“for improvements to auction theory and inventions of new auction formats”
Their theoretical discoveries have improved auctions in practice
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. Their discoveries have benefitted sellers, buyers and taxpayers around the world.
Full press release can be found at: https://www.nobelprize.org/prizes/economic-sciences/2020/press-release/
The AVAA will presenting a series to highlight their theoretical discoveries over the coming weeks.
