2020 Nobel Memorial Prize in Economic Sciences information
Award
Award
The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
Milgrom (pictured) and Wilson"for improvements to auction theory and inventions of new auction formats."
Date
12 October 2020 (announcement)
10 December 2020 (ceremony)
Location
Stockholm
Country
Sweden
Presented by
Royal Swedish Academy of Sciences
Reward(s)
10 million SEK (2020)[1]
First awarded
1969
Website
Official website
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Nobel Memorial Prize in Economic Sciences
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The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom (born 1948) and Robert B. Wilson (born 1937) "for improvements to auction theory and inventions of new auction formats."[2][3][4] According to the Nobel Committee, the recognition was given because "their theoretical discoveries have improved auctions in practice."[5][6] Furthermore, Secretary Hansson said:
"This year's Laureates, Paul Milgrom and Robert Wilson, have studied 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."[5]
Their joint key contributions to economics were the development of the simultaneous multiple round auctions (SMRA) and the reputation effects (game theory). Milgrom's personal contributions were on the no-trade theorem, market design, supermodular games, monotone comparative statics, Linkage principle, and deferred-acceptance auction, whereas Wilson's contributions were on the common value auction and the Wilson doctrine.[3][4]
^"The Nobel Prize amounts". Nobelprize.org. Archived from the original on 20 July 2018. Retrieved 20 August 2022.
^The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 Archived 2020-10-12 at the Wayback Machine nobelprize.org
^ abJeanna Smialek (12 October 2020). "U.S. Auction Theorists Win the 2020 Nobel in Economics". New York Times. Archived from the original on 13 October 2020. Retrieved 20 August 2022.
^ ab"Nobel economics prize awarded to Milgrom and Wilson for auction theory work - as it happened". The Guardian. 12 October 2020. Archived from the original on 31 August 2022. Retrieved 20 August 2022.
^ ab– The Prize in Economic Sciences 2020 Archived 2020-10-14 at the Wayback Machine nobelprize.org
^"Americans Paul Milgrom, Robert Wilson win 2020 Nobel prize in economics". Business Standard. 12 October 2020. Archived from the original on 31 August 2022. Retrieved 20 August 2022.
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The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel