Nobel Prize in Economics awarded to Paul Milgrom and Robert Wilson
American economists Paul Milgrom and Robert Wilson have been awarded the 2020 Nobel Prize in economics for their contributions to auction theory, the Royal Swedish Academy of Sciences said.
They also designed auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies, According to the Royal Swedish Academy of Sciences.
“This year’s Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” Peter Fredriksson, chair of the prize committee, said in a statement.