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The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats." According to the Nobel Committee, the recognition was given because "their theoretical discoveries have improved auctions in practice." Furthermore, Secretary Hansson said:
"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."
References
- ↑ BBVA Foundation Frontiers of Knowledge Awards 2019
- ↑ "The Emergence of Economic Organization" (PDF). www.clevelandfed.org. Archived from the original (PDF) on 21 August 2014. Retrieved 12 March 2014.
