Americans Paul Milgrom and Robert Wilson win Nobel Prize in Economics in 2020

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Living without walls or partitions


Paul R. Milgrom e Robert B. Wilson were announced on Monday, 14, as the winners of Nobel Prize in Economics of 2020. North Americans, they were awarded for their work in improving the theory of auctions and inventions of new formats to be carried out. This was the 52nd award in the category, which has won more than 80 people since 1969. Meet all the winners here.

“This year’s winners studied how auctions work. They also used their insights to create a new auction and formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their findings have benefited sellers, buyers and contributors. from around the world, “said the Nobel committee – the Royal Swedish Academy of Sciences.

One of the discoveries of the American duo is that the offer made in a rational way tends to be below the best estimate of the common value because of the concern with the so-called “curse of the winner”, that is, paying in excess and, therefore, having loss.

Paul R. Milgrom is from Detroit, Michigan, and has a PhD from Stanford University, where he also serves as a professor. Robert B. Wilson is from Geneva, Nebraska, and has a PhD from Harvard University. He teaches at Stanford.

The winners will receive 10 million crowns (about R $ 6.3 million), a gold medal and a diploma.

Poverty

Last year, the Nobel Prize in Economics was awarded to three researchers, Abhijit Banerjee, Esther Duflo and Michael Kremer, for their experimental approach to alleviating poverty in the world.

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