Winners of Nobel Prize in economics announced
The 2020 Nobel Prize in economics was awarded by the Royal Swedish Academy of Sciences to the American economists Paul Milgrom and Robert Wilson for their work on auction theory.
“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.
According to the Royal Swedish Academy of Sciences, the economists invented new formats for auctioning many interrelated objects on behalf of a seller motivated by doing good for society rather than simply achieving the highest price possible.
Auction theory is a body of work that influences how prices are set for things such as the radio spectrum that underpins telecommunications, including smartphones.
Milgrom and Wilson will share 10 million Swedish kroner ($1.1 million) in prize money.
The prize for economics is officially known as the Sveriges Riksbank Prize in Economic Sciences. It was established by Sweden’s central bank and has been awarded since 1969 in memory of industrialist Alfred Nobel.
Last week, the World Food Programme was awarded the 2020 Nobel Peace Prize for its efforts to combat hunger and its “contribution to bettering conditions for peace in conflict-affected areas.”
