Nobel Prize 2020 in Economics goes to Paul R Milgrom and Robert B Wilson

• The Nobel Prize 2020 in Economic Sciences has been awarded to US-based economists Paul R. Milgrom and Robert B. Wilson.
  
• Milgrom and Wilson were chosen ‘for improvements to auction theory and inventions for new auction formats,’ according to the Nobel Assembly.
  
• They are the 52nd winner of the Nobel Prize in Economic Sciences.
  

This year’s Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson ‘for improvements to auction theory and inventions of new auction formats’. Both Milgrom and Wilson are from the US.

“They will receive their awards before the end of the year and will be invited to Stockholm the next time we can celebrate Nobel with its traditional festivities,” said Guran K. Hansson while announcing the award. This includes a gold medal and prize money amounting to 10 million kronor (around $1.1 million).

Today, auctions are used in a variety of ways — including the allocation of public resources. For instance, auctions are used to decide the prices of electricity and emission allowances.

The youngest laureate to win the Nobel Prize in the Economic Sciences is Esther Duflo, who won the award at the age of 46 last year for her ‘experimental approach to alleviating global poverty’.

Nobel Prizes 2020
The 2020 Nobel Prize week began on Monday, October 5. The Nobel Committee awarded the prize for physiology and medicine to Americans Harvey J. Alter and Charles M. Rice and British-born scientist Michael Houghton for discovering the liver-ravaging hepatitis C virus.

The Nobel Prize for Physics went to Roger Penrose of Britain, Reinhard Genzel of Germany, and Andrea Ghez of the United States for their breakthroughs in understanding the mysteries of cosmic black holes.

The following day, Emmanuelle Charpentier and Jennifer A. Doudna won the Nobel Prize in Chemistry for developing the method for genome editing.

The Nobel Prize for Literature was awarded to American poet Louise Gluck ‘for her unmistakable poetic voice that with austere beauty makes individual existence universal.’

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