2020 Nobel Prize in Economics awarded to Paul R Milgrom and Robert B Wilson

New Delhi : The 2020 Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”

In a tweet, The Nobel Prize Committee  on Monday said, “The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson ‘for improvements to auction theory and inventions of new auction formats’.”

Robert Wilson developed the theory for auctions of objects with a common value – a value which is uncertain beforehand but, in the end, is the same for everyone.

On his part, Paul Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder.

The prestigious award comes with a 10-million krona ($1.1 million) cash prize and a gold medal. It is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

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