Published on 03:58 PM, October 12, 2020
US economists Milgrom, Wilson win 2020 Nobel economics prize for work on auction theory
In this AFP file photo taken on October 5, 2015 the laureate medal featuring the portrait of Alfred Nobel is seen before a press conference of the Nobel Committee to announce the winner of the 2015 Nobel Medicine Prize at the Karolinska Institutet in Stockholm, Sweden.
Reuters, Stockholm
US economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said today.
"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said in a statement.
The 10-million-Swedish-crown ($1.14 million) economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was established by Sweden's central bank and first awarded in 1969. ($1 = 8.7949 Swedish crowns)
Top Stories