Paul R. Milgrom and Robert B. Wilson were awarded the Nobel in Economics Science
The announcement was made through the social network Twitter. Both economists were awarded this prize for their contributions on the subject of auctions and the invention of new formats
American economists Paul R. Milgrom and Robert B. Wilson have been awarded the Bank of Sweden Prize in Economic Sciences in memory of Alfred Nobel, popularly known as the Nobel Prize in Economics, for their “improvements in auction theory and invention of new auction formats“, as announced this Monday.
“Their findings have benefited sellers, buyers and taxpayers around the world,” reiterated the Royal Swedish Academy of Sciences, on the work carried out by the winners.
Paul Milgrom graduated from the University of Michigan with a BA in Mathematics and majored in Statistics at Stanford, where he received a Ph.D. in Economics, while Robert B. Wilson received a BA in Mathematics from Harvard University, where he received a Ph.D. in 1963, for years later joining the Stanford University School of Business, where he has developed his career.
Furthermore, Paul R. Milgrom and Robert B. Wilson had previously been awarded the BBVA Foundation Frontiers of Knowledge Award in Economics in Spain.
In this way, the Stanford professors succeed economists Abhijit Banerjee, Esther Duflo and Michael Kremer, who won the Nobel Prize in Economics in 2019 for their experimental approach to alleviating global poverty.
The Nobel Prize in Economics is not part of Alfred Nobel’s legacy, since it was established in 1968 by the Riksbanken, the Swedish central bank, coinciding with the 300th anniversary of the entity and was awarded for the first time in 1969, distinguishing the Norwegian Ragnar Frisch and the Dutchman Jan Tinbergen.
Source: dpa
