The 2020 Nobel Prize in economics has been awarded to two Stanford professors, Paul R. Milgrom and Robert B. Wilson, for their work on auction theory.
The 2020 Nobel Prize in economics was awarded Monday to two Stanford professors “for improvements to auction theory and invention of new auction formats.”
The winners, Paul R. Milgrom and Robert B. Wilson, were announced at a time when much of the world is experiencing the worst recession since World War II because of the COVID-19 pandemic. “Auctions are tremendously important,” said Peter Fredriksson, the chair of the Nobel economics committee. “Every day they allocate astronomical values between buyers and sellers. They affect all of us, perhaps more than we think,” including through the setting of house values and electricity prices.
“Since auctions are so important, designing them in the right way is absolutely key,” Fredriksson said at the announcement ceremony in Stockholm. “The work of Paul Milgrom and Robert Wilson has allowed us to construct better auctions. They’ve applied auction theory to more realistic settings. Their basic research allows them to invent entirely new auction formats.
The Nobel committee said that the winners’ discoveries “have benefited sellers, buyers and taxpayers around the world,” noting that auction formats developed by the pair have been used to sell radio frequencies, fishing quotas and airport landing slots.
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