Paul R Milgrom, Robert B Wilson wins Nobel Prize in economics

Paul R Milgrom, Robert B Wilson wins Nobel Prize in economics

The Nobel Prize 2020 in economics has been awarded to Paul R Milgrom and Robert B Wilson for “improvements to auction theory and inventions of new auction formats.”

The winners were announced Monday in Stockholm by Goran Hansson, secretary-general of the Royal Swedish Academy of Sciences.

"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," the official Twitter handle of The Nobel Prize said as it announced the winners.

"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society. The unusual feature of this example is that the same people developed the theory and the practical applications. The Laureates’ ground-breaking research about auctions has thus been of great benefit, for buyers, sellers and society as a whole," The Royal Swedish Academy of Sciences said in a press release.

The award comes as much of the world experiences the worst recession since World War II because of the impact of the coronavirus pandemic.

The Nobel Prize 2020 in economics caps a week of Nobel Prizes and is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Since its establishment in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes.