Paul R Milgrom and Robert B Wilson win Nobel Prize 2020 in Economics

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Nobel prize for economics
Image source nobelprize.org

Paul R Milgrom and Robert B Wilson were awarded the 2020 Nobel Prize in Economic Sciences “for improvements to auction theory and inventions of new auction formats.”

Today on Twitter the Nobel Prize Committee announced the winner of the 2020 Sveriges Riksbank Prize in Memory of Alfred Nobel in the field of Economic Sciences.

Chair of the Prize Committee, Peter Fredriksson said that this year in Economic Sciences it all started about the fundamental theory which got into practical application yielding results that have spread over the world. These discoveries have turned out to be a great benefit to society.

This year’s another Prize in Economic Sciences awardee Robert Wilson exhibited how rational bidders lead to placing requests beneath their own best evaluation of the standard value: they are concerned about the winner’s curse – that is, about giving too much and losing out.

About this year’s Laureates: 

  • Paul R. Milgrom was born in 1948, Detroit, U.S.A.
  • PhD. 1979 from Stanford University, Stanford, U.S.A. Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, U.S.A.
  • Robert B. Wilson was born in 1937, Geneva, U.S.A.
  • D.B.A. 1963 from Harvard University, Cambridge, U.S.A. Adams Distinguished Professor of Management, Emeritus, Stanford University, U.S.A.

Nobel Prize 2020 winners

This year’s commemoration has been sized down because of COVID-19 pandemic: 

  • On October 5th, the prize in the field of physiology and medicine was awarded by the Nobel Committee for discovering the liver-ravaging hepatitis C virus.
  • October 6th Nobel Prize was awarded in the field of Physics by honouring discoveries in penetrating the enigmas of cosmic black holes.
  • The women in Science: Emmanuelle Charpentier of France and Jennifer Doudna of the U.S. received the chemistry prize on October 7th.
  • The American poet Louise Gluck was awarded the literature prize for her “candid and uncompromising” work on October 8th.

The Nobel Peace Prize for 2020 was awarded to World Food Programme (W.F.P.) on October 9th.