2020 Nobel Memorial Prize in Economic Sciences

rdf:langString 2020 Nobel Memorial Prize in Economic Sciences

rdf:langString 20pxThe 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

rdf:langString Milgrom and Wilson "for improvements to auction theory and inventions of new auction formats."

rdf:langString Sweden

rdf:langString Paul Milgrom and Robert B. Wilson

rdf:langString The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom (b. 1948) and Robert B. Wilson (b. 1937) "for improvements to auction theory and inventions of new auction formats." According to the Nobel Committee, the recognition was given because "their theoretical discoveries have improved auctions in practice." 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." 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.