Login With Google
Nobel Prize in Economics
Why is it in news?
- The U.S. economists Paul Milgrom and Robert Wilson won the Nobel Economics Prize for 2020.
Details:
- The American duo won the prize for their work on commercial auctions, including for goods and services difficult to sell in traditional ways such as radio frequencies.
- The duo was honoured “for improvements to auction theory and inventions of new auction formats.
- The Nobel Prize in Economics is been awarded by Royal Swedish Academy of Sciences.
More:
- Paul Milgrom and Robert Wilson, have studied how auctions work.
- They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.
- Their discoveries have benefitted sellers, buyers and taxpayers around the world.