The Nobel Prize for Economics 2020 was awarded to American economist Paul R. Milgrom and Robert B. Wilson for improvements to auction theory and inventions of new auction formats. The Royal Swedish Academy of Sciences 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 the outstanding work.
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.
Know more about the laurates who have won the Nobel Prize for Economics 2020:-
- Mr. Paul R. Milgrom was born in 1948 in Detroit, USA. He did his Ph.D. in 1979 from Stanford University, Stanford, USA. Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, USA.
- Mr. Robert B. Wilson was born in 1937 in Geneva, USA. He did is D.B.A. in 1963 from Harvard University, Cambridge, USA. Adams Distinguished Professor of Management, Emeritus, Stanford University, USA.
News Source: Nobel Prize
Read more ‘General Knowledge‘ news on dailyschoolsnews.com.
