This year’s Nobel Prize in Economics was awarded to Paul Milgrom and Robert Wilson, scientists at Stanford University in the United States, for research in auction theory.
According to the Royal Swedish Academy of Sciences, Milgrom and Wilson were praised for “improvements in auction theory and the invention of new auction formats”.
The academy said the discoveries of 72-year-old Milgrom and 83-year-old Wilson had benefited sellers, buyers and taxpayers around the world.
Wilson developed a theory for common value auctions, while Milgrom created a much more general theory of auctions by analyzing bidding strategies in auctions of various formats.
The premium is 10 million Swedish kronor (960 thousand euros).
Last year, the Nobel Prize in Economics was awarded to US scientists Abidich Banerji, Esther Diflo and Michael Kremer for research that has contributed to reducing global poverty.
In 1896, Alfred Nobel, a Swedish physicist and inventor of dynamite, founded the Nobel Prizes for outstanding achievements in physics, chemistry, medicine, literature and peace-building. The Nobel Memorial Prize in Economics was established by the Swedish Central Bank and has been awarded since 1969.
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