The 2020 Nobel Prize in Economic Sciences has been awarded to Paul R Milgrom and Robert B Wilson “for improvements to auction theory and inventions of new auction formats.”

“This year’s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies,” The Royal Swedish Academy of Sciences said in a press release.

The Nobel Prize Committee took to Twitter to announce this year’s winner, “The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson ‘for improvements to auction theory and inventions of new auction formats’.”

Last year, the award was shared by Indian-American economist Abhijit Banerjee, Esther Duflo and Michael Kremer. The trio was awarded for their experimental approach to alleviating global poverty.

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