Nobel Economics Prize awarded to Paul Milgrom and Robert Wilson

(LtoR) Chairman of the committee for the Nobel Economics Prize Per Stromberg, Secretary General of the Royal Swedish Academy of Sciences Goran Hansson and member of the committee for the Nobel Economics Prize Peter Gardenfors speak as they announce last year’sNobel Economics Prize.

AFP Contributor | AFP | Getty Images

The 2020 Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson for work on commercial auctions.

The American economists were commended for their “improvements to auction theory and invention of new auction formats,” the committee said.

Milgrom, 72, is the Shirley and Leonard Ely Professor of Humanities and Sciences at Stanford University. Wilson, 83, is the Adams Distinguished Professor of Management, Emeritus at Stanford.

Last year’s winners of the prize were MIT Professors Abhijit Banerjee and Esther Duflo and Harvard Economist Michael Kremer for “their experimental approach to alleviating global poverty.”

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 51 times to 84 Laureates between 1969 and 2019.

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