Nobel Prize In Economics Awarded to Two Economists For Invention of New Auction Formats

The Royal Swedish Academy of Sciences has awarded Paul R. Milgrom and Robert B. Wilson the Sveriges Riksbank Prize 2020 in Economic Sciences. They were awarded "for improvements to auction theory and inventions of new auction formats." Both Milgrom and Wilson are economists based in US and serve as faculties at the Stanford University. The academy said that the economists have 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. The academy further lauded them while saying that the ground-breaking research about auctions has been of great benefit, for buyers, sellers, and society as a whole.