The Nobel Prize 2020 in Economic Sciences on Monday was awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”
The award caps a week of Nobel Prizes and is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Since its establishment in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes.
In 2019, 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.