The 2020 Nobel Memorial Prize in Financial Sciences was awarded to Paul Milgrom and Robert Wilson, each of Stanford College. The prize quotation says Milgrom and Wilson have been awarded the prize “for enhancements to public sale idea and innovations of recent public sale codecs.”
“Auctions are all over the place and have an effect on our on a regular basis lives.” the prize committee mentioned in a press release. Milgrom and Wilson’s work “profit[s] sellers, patrons and taxpayers around the globe.”
The Prize in Financial Sciences was established in 1968 by the Sveriges Riksbank, Sweden’s central Financial institution, to mark its three hundredth anniversary. It was first awarded in 1969, becoming a member of the 5 authentic prizes established by Alfred Nobel in his 1895 will.
Just like the winners in physics and chemistry, the laureates in financial sciences are chosen by the Royal Swedish Academy of Sciences in Stockholm. The prize brings with it a gold medal and a money award which this 12 months is 10 million Swedish krona ($1.12 million).