American Duo Win Nobel Prize in Economics
Desk Report
Published: 12 Oct 2020, 05:59 pm
Paul R. Milgrom and Robert B. Wilson were awarded the Nobel in economic science on Monday for improvements to auction theory and inventions of auction formats. Photo: Collected
American economists Paul Milgrom and Robert Wilson have been awarded the 2020 Nobel Prize in economics for their contributions to auction theory, the Royal Swedish Academy of Sciences said on Monday.
The prize for economics is officially known as the Sveriges Riksbank Prize in Economic Sciences. It was established by Sweden's central bank and has been awarded since 1969 in memory of industrialist Alfred Nobel.
In 2019, the economics prize was awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer for their work to alleviate global poverty. Duflo, a professor at the Massachusetts Institute of Technology, was the youngest person and only the second woman to be awarded the prize.
Last week, the World Food Program was awarded the 2020 Nobel Peace Prize for its efforts to combat hunger and its "contribution to bettering conditions for peace in conflict-affected areas."