Sunday, September 19, 2021

Paul R. Milgrom and Robert B. Wilson receive the Nobel Prize

Paul R. Milgrom and Robert B. Wilson receive the Nobel Prize for Economics for new auction formats

This time the Nobel Prize in Economics has been won by Paul R. Milgrom and Robert B. Wilson. Milgrom and Wilson received this Nobel Prize for improvements in auction theory and inventions of new auction formats. Paul R Milgrom Robert B Wilson Nobel Prize.

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Earlier in the year 2019, the award was given to two researchers from MIT and one from Harvard University. The recipient of this award is given one crore krona i.e. approximately 1.1 million US dollars.

The award is also known as the Sverige Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Royal Swedish Academy of Sciences said in a statement on Monday, ‘They have used their insights in designing new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.’

Nobel Prizes were started from the year 1901. The awards began on the fifth death anniversary of the Swedish inventor Alfred Nobel. Explosive dynamite was discovered by Alfred. The first Nobel Prizes were given in the fields of physics, chemistry, medicine, literature and peace.

Nobel was born in 1833 in Stockholm. Nobel’s father used to make weapons for the army. The highly influential explosive was discovered by Nobel in 1867. They were also saddened by its use in the war. Paul R Milgrom Robert B Wilson Nobel Prize.

He wrote about the commencement of the Nobel Prize. Nobel died on 10 December 1896. For this reason, on 10 December every year, Nobel Prizes are announced in various fields. It is the most prestigious award in the world.

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