Two American economists win the 2020 Nobel Prize in Economics
Recommended for Middle Grades
American economists Paul Milgrom and Robert Wilson have been awarded the 2020 Nobel Prize in Economics Sciences.
Milgrom and Wilson were awarded for their theoretical discoveries that improved how auctions work. An auction is a public sale at which items are sold to the person who offers to pay the most money
They also designed auction formats for goods and services that are difficult to sell in a traditional way. This includes aircraft landing slots, radio frequencies, and more.
The Royal Swedish Academy of Sciences said their work “benefitted sellers, buyers and taxpayers” worldwide.
Milgrom and Wilson are both currently working as professors at Stanford University in California, US. Milgrom was Wilson’s graduate student in the 1970s and they have worked together since then.
The Nobel Prize for Economics is officially known as the Sveriges Riksbank Prize in Economic Sciences. It was not part of the original Nobel prizes but later created by Sweden’s central bank. It has been awarded since 1969 in memory of industrialist Alfred Nobel.
This is the last Nobel Prize to be announced. Last week, we read about the Nobel Prize in Medicine, Physics, Chemistry, Literature and Peace.
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