US economists Paul Milgrom and Robert Wilson won the Nobel Prize in Economics on Monday for working on commercial auctions, including goods and services that are difficult to sell using conventional ways like radio frequencies, the Nobel Committee said.
The duo was honored “for improving auction theory and inventing new auction formats,” said the jury.
The Royal Swedish Academy of Sciences found that the discoveries made by Milgrom, 72, and Wilson, 83, “benefited sellers, buyers and taxpayers around the world,” it said in a statement.
The winners share the prize money of 10 million Swedish kronor (approx. 1.1 million US dollars, 950,000 euros).
Last year the honor went to the French-American Esther Duflo, the Indian-born Abhijit Banerjee from the USA, and the American Michael Kremer for their experimental work on poverty reduction.
While it is the most prestigious award an economist can hope for, the business award has not achieved the same status as that originally chosen by Alfred Nobel in his will, which included medicine, physics, chemistry, literature and peace.
Instead, it was created through a donation from the Swedish Central Bank, so critics have called it a “fake Nobel Prize”.
The award concludes the 2020 Nobel season, in which the United Nations World Food Program previously awarded the Peace Prize.
Women were more common than usual that year, and American poet Louise Gluck won the literary award.
The French Emmanuelle Charpentier and the American Jennifer Doudna became the first all-female duo to win a Nobel Prize in science on Wednesday and received the Chemistry Prize for their discovery of the CRISPR-Cas9 DNA scissors.
Usually the winners receive their Nobel Prize on December 10th at a solemn ceremony in Stockholm from King Carl XVI. Gustaf. However, due to the pandemic, it has been replaced by a television ceremony where the award winners receive their awards in their home countries.
(Except for the headline, this story was not edited by GossipMantri staff and posted from a syndicated feed.)