Americans Paul R. Milgrom and Robert B. Wilson are awarded the Economic Science Award for “honing auction theory and inventing new auction formats”.
Americans Paul R. Milgrom and Robert B. Wilson, both from Stanford University, were awarded this Monday (12/10) with the 2020 Nobel Prize in Economics for their research on auction theory.
According to the Royal Swedish Academy of Sciences, the pair “improved the theory of auctions and invented new auction formats, benefiting sellers, buyers and contributors from around the world”.
Auctions are used worldwide to buy and sell a variety of goods and services, including electricity, financial assets, fishing quotas and carbon licenses.
Unlike the other awards, given for the first time in 1901 in fulfillment of the will of the Swedish inventor and philanthropist Alfred Nobel, the Nobel Prize in Economics was created in the 1960s by Sweden’s central bank, Sveriges Riksbank, to mark its three hundredth anniversary.
Its official name is the Sveriges Riksbank Prize for Economic Sciences in Memory of Alfred Nobel and, since 1969, it has been awarded 51 times. Today it is widely considered one of the Nobel prizes.
The winners of the Economy Award were the last of this year to be announced, after the disclosure of the Medicine, Physics, Chemistry, Literature and Peace awards.
This year, the Nobel Prize in Medicine awarded the trio of scientists Harvey Alter, Charles Rice and Michael Houghton for the discovery of the hepatitis C virus, while Nobel Prize in Physics went to researchers Roger Penrose, Reinhard Genzel and Andrea Ghez for studies on the formation of black holes.
Emmanuelle Charpentier and Jennifer Doudna were awarded the Nobel Prize in Chemistry by discovering a method for editing the genome known as CRISPR-Cas9 or “genetic scissors”. THE Nobel Prize in Literature stayed with American poet Louise Glück.
Finally, the UN World Food Program, the largest humanitarian agency in the world, was awarded the peace Nobel for his efforts to fight hunger on the planet.
The Nobel Prize delivers 10 million SEK, or about 1.1 million dollars, to laureates.
Normally, the winners would receive the award from King Carl Gustaf 16th in a formal ceremony in Stockholm on December 10, the anniversary of the death of scientist Alfred Nobel. But the face-to-face ceremony was canceled this year due to the covid-19 pandemic and will be replaced by a televised ceremony, with laureates receiving the awards in their home countries.