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Paul R Milgrom and Robert B Wilson get Nobel Prize 2020 for Economics

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

The Nobel Prize Committee took to Twitter to announce the 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’.”

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Robert Wilson – awarded this year’s Prize in Economic Sciences – showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse – that is, about paying too much and losing out.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 51 times to 84 Laureates between 1969 and 2019.

In 2019, colleagues and married couple Esther Duflo, a French and Abhijit Banerjee, an Indian born received the news that they had been awarded the 2019 Prize in Economic Sciences.

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