Nobel Prize in economics goes to US researchers for contributions to auction theory

Americans Paul R Milgrom and Robert B Wilson, both of Stanford University, have won the 2020 Nobel Prize in Economic Sciences for their research into auction theory, the Royal Swedish Academy of Sciences announced on Monday. "Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world," the academy wrote.

Auctions are used to buy and sell a variety of goods and services, including electricity, financial assets, fishing quotas and carbon allowances.

The economics prize is worth 10 million kronor ($1.1m) this year, the same as the other Nobel Prizes awarded for medicine, physics, chemistry, literature and peace, which were announced last week.


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