Nobel Prize 2020 in Economics Winners for Improvements to Auction Theory

Winners for Nobel Prize 2020 in Economics are Paul Milgrom and Robert Wilson for their work in Improvement to Auction Theory and the invention of new Auction formats.

After studying “how auctions work Paul Milgrom and Robert Wilson used their insights to invent new Auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies”, said by the Royal Swedish Academy of Sciences in a press release.

They added, “Their discoveries have benefitted sellers, buyers, and taxpayers around the world”.

Nobel prize 2020 in Economics

Nobel Prize in Economics science was established in the year 1969, it has been awarded 51 times till now and is widely considered as one of the Nobel prizes. The award caps a week of Nobel Prizes and is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

The winner has awarded with prize money of 10-million krona ($1.1 million) and a gold medal to be handed out at a ceremony in Oslo, Norway, on December 10, the anniversary of prize founder Alfred Nobel’s death.

Explaining the achievements of the Nobel laureates, the committee noted that Wilson’s work showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse that is, about paying too much and losing out. Meanwhile, Milgrom formulated a more general theory of auctions that not only allows common values but also private values that vary from bidders to bidders.

This year Nobel Prize winners 

This week on Monday, the Nobel Committee awarded the prize for physiology and medicine to American Scientists Harvey J. Alter and Charles M. Rice and a British scientist Michael Houghton for discovering about the virus Hepatitis C.

On Tuesday the Nobel Prize in Physics award was given to British Scientist Roger Penrose, German Scientist Reinhard Genzel and American Scientist Andrea Ghez for there excellent work in the Formation of Blackhole.

On Wednesday the Nobel prize in Chemistry award was given to a French Scientist Emmanuelle Charpentier and Jennifer A an American Scientist for their work in developing the Genome Editing Tool that offers a promise of curing genetic diseases.

On Thursday Nobel prize in Literature award was given to Louise Glück for her unmistakable poetic voice that with “austere beauty makes individual existence universal.”

On Friday Nobel Prize in Peace award was given to World Food Programme (WPF) for their work of supplying food in Global hunger during the time of the Corona Pandemic.