Nobel Prize 2020: Paul Milgrom and Robert Wilson received the Nobel Prize in economics.
Stockholm:
US economists Paul Milgrom and Robert Wilson won the Nobel Prize in economics on Monday for their work on commercial auctions, including hard-to-sell goods and services in traditional ways like radio frequencies, the Nobel committee said.
The duo were honored “for improving auction theory and inventions of new auction formats,” the jury said.
The Royal Swedish Academy of Sciences noted that the findings of Milgrom, 72, and Wilson, 83, “have benefited sellers, buyers and taxpayers around the world,” she said in a statement.
The winners will share the sum of 10 million Swedish crowns (approximately 1.1 million dollars, 950,000 euros).
Last year, this honor went to the French-American Esther Duflo of the United States, Abhijit Banerjee of Indian descent, and to the American Michael Kremer for their experimental work on poverty reduction.
Even though it is the most prestigious award an economist could hope to receive, the economics prize did not achieve the same status as those initially chosen by Alfred Nobel in his will, which included medicine, physics, chemistry, literature and peace.
Rather, it was created thanks to a donation from the Swedish central bank and critics have dubbed it “a false Nobel”.
The prize closes the 2020 Nobel season which has so far seen the Peace Prize awarded to the UN World Food Program.
Women have been more prevalent than usual this year, with American poet Louise Gluck winning the literature award.
And the French Emmanuelle Charpentier and the American Jennifer Doudna became the first all-female duo to win a Nobel Scientific Prize on Wednesday, winning the chemistry prize for their discovery of CRISPR-Cas9 “scissors”.
Winners would normally receive their Nobel Prize from King Carl XVI Gustaf at an official ceremony in Stockholm on December 10, but the pandemic means it has been replaced by a televised ceremony showing the winners receiving their prizes in their home countries .
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