The Swedish State Bank’s Alfred Nobel Memorial Prize in Economics was awarded to Americans Paul Milgrom and Robert Wilson. This was announced on Monday, October 12, the Nobel Committee on its page in Instagram.
The winners will be awarded for improving the theory of auctions and the invention of new auction formats. Milgrom and Wilson have focused their research on developing new formats for those products that are difficult to sell by traditional methods, such as radio frequencies.
The committee noted that their discoveries have benefited sellers, buyers and taxpayers around the world.
Last year’s winners of the Economics Prize were Americans Michael Kramer and Abhijit Banerjee and Frenchwoman Esther Duflot for their experimental approach to fighting global poverty, recalls Gazeta.ru.
The Nobel Prize in Economics is the only Nobel Prize awarded annually. Since 1969, the prize has been awarded 51 times.
On October 8 the Nobel Committee informed that the prize for literature was awarded to the poetess Louise Gluck “for her unmistakable poetic voice, which with its severe beauty makes individual existence universal”.