Economics Nobel Prize 2020: America’s Paul Milgrom and Robert Wilson get the honor


Washington Milgrom and Robert B. Wilson have been awarded the Nobel Prize in the field of economics for reforming auction theory (auction theory). The awards committee on Monday announced the sixth and final award winners of this year.

Paul R. Milgrom and Robert B. Wilson both work at Stanford University, USA. They have developed new methods by studying the auction process. They have outlined new auction formats for such goods and services (such as radio frequency). It is not possible to sell them in the traditional way. His discovery has greatly facilitated sellers, buyers and taxpayers from all over the world.

What is the auction principle

Using auction theory or auction theory, researchers try to understand the various rules and results regarding bidding and final prices.

Wilson set the principles for the auction of a common value item. According to him a value that is uncertain at first but remains the same for all in the end.

Wilson has attempted to show through his theory why rational bidders place bids below the best estimate of their normal value. They are worried about the loss of being the winner.

Milgrom created a general principle of auction that allows not only normal values. This private value varies for the bidder.

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