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 and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats”.
- Paul R. Milgrom, born 1948 in Detroit, USA.
Ph.D. 1979 from Stanford University, USA. Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, USA.
- Robert B. Wilson, born 1937 in Geneva, USA.
D.B.A. 1963 from Harvard University, Cambridge, USA. Adams Distinguished Professor of Management, Emeritus, Stanford University, USA.
The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society. The unusual feature of this example is that the same people developed the theory and the practical applications. The Laureates’ ground-breaking research about auctions has thus been of great benefit, for buyers, sellers and society as a whole.
More information can be found on the Nobel Prize organization’s web page.
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