American economists Paul Milgrom and Robert Wilson have won the Nobel Economics Prize for their work on commercial auctions, the Nobel Committee announced.
BREAKING NEWS:— The Nobel Prize (@NobelPrize) October 12, 2020
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.”#NobelPrize pic.twitter.com/tBAblj1xf8
This year’s Economic Science Laureates, Paul Milgrom and Robert Wilson, have not just clarified how auctions work and why bidders behave in a certain way, but used their theoretical discoveries to invent entirely new auction formats for the sale of goods and services.#NobelPrize— The Nobel Prize (@NobelPrize) October 12, 2020
Milgrom, 72, and Wilson, 83, will share the prize sum of 10 million Swedish kronor (about $1.1 million).
In 2019, the prize went to French-American Esther Duflo, Indian-born Abhijit Banerjee of the US, and American Michael Kremer for their experimental work on alleviating poverty.