Nobel Prize in Economics: Paul R. Milgrom and Robert B. Wilson, two auction experts, awarded

The Nobel Prize in Economics is awarded to Paul R. Milgrom and Robert B. Wilson, two Americans for their expertise in auction theory. This award brings the 2020 Nobel season to a close. A very feminine vintage this year with four award winners in science and literature.

Two Americans receive the Nobel Prize in economics this year: Paul R. Milgrom and Robert B. Wilson. The Bank of Sweden Prize in Economics in Memory of Alfred Nobel was awarded to them for “improving auction theory and inventing new auction formats,” said the jury of the Swedish Academy of Sciences. Sellers, buyers and taxpayers from all over the world were able to benefit from their expertise, said the jury.

The pair, both teachers at Stanford, were among the favorites for the award this year. They are at the origin of the concept used for the sale of licenses of bands of telecommunications frequencies in the United States. The two economists also worked on the mechanisms for allocating landing slots at airports.

Paul R. Milgrom and Robert B. Wilson succeed the Franco-American Esther Duflo and her husband Abhijit Banerjee and the American Michael Kremer who were awarded last year for their experimental approach to the fight against poverty.