Paul R. Milgrom and Robert B. Wilson awarded the Prize in Economic Sciences for 2020
News The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 (the Nobel Prize in Economics) to Paul R. Milgrom and Robert B. Wilson, Stanford University, USA. They are receiving the prize for improvements to auction theory and inventions of new auction formats.
The Riksbank founded the Nobel Prize in Economics with the assistance of a donation in conjunction with the Bank’s 300th anniversary in 1968. With this donation, the Riksbank undertook to award prize money every year in an amount equivalent to that awarded for the other Nobel Prizes. The laureates, however, are appointed by the Royal Swedish Academy of Sciences. The prize was awarded for the first time in 1969 and is awarded, every year, to a person or persons who have produced work of outstanding importance in the field of economic sciences.