Paul R. Milgrom, Robert B. Wilson win Nobel Prize 2020 in economics

Paul R. Milgrom and Robert B. Wilson have been awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

They have been given this award for improvements to auction theory and inventions of new auction formats, the Nobel Prize's official twitter account said in a tweet.

BREAKING NEWS:
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.”#NobelPrizepic.twitter.com/tBAblj1xf8

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— The Nobel Prize (@NobelPrize) October 12, 2020

While the award is technically called Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, since being established in 1969 it has been widely considered as part of the Nobel Prizes that are given out.

In 2019, the award went to Abhijit Banerjee, Esther Duflo, and Michael Kremer for their groundbreaking research into efforts to reduce global poverty.

This award caps one week of Nobel Prizes during a time when the world is experiencing the worst recession since World War II due to the impact of the coronavirus pandemic.

[With inputs from PTI ]