The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 to Paul R. Milgrom (Stanford University, USA) and Robert B. Wilson (Stanford University, USA) “for improvements to auction theory and inventions of new auction formats”. Paul Milgrom and Robert Wilson were recognized for theoretical discoveries that improved how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world. The press release can be found here.
Read more about this year’s prize:
Popular science background: The quest for the perfect auction
Scientific Background: Improvements to auction theory and inventions of new auction formats
Auction Theory Evolving: Theorems and Applications (by Paul R. Milgrom)
Strategic Analysis of Auction Markets (by Robert B. Wilson)