2020: Milgrom & Wilson

The 2020 Sveriges Riksbank Prize in Economic Sciences was divided between Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and invention of new auction formats".

The laureates of 2021 studied how actions work, and using microeconomics insights they have designed new auction formats for goods and services that are difficult to sell in a traditional way. Their discoveries have benefitted sellers, buyers and taxpayers around the world.

Their contributions have provided important advancements in the field of auction theory and have been put into use, being used by the US government in a variety of complex auctions, such as radio frequency auctions, and followed suit by many other countries and commodities.

Here you can find some resources related to the award:

• Summary: https://www.nobelprize.org/prizes/economic-sciences/2020/summary/

• Scientific background: https://www.nobelprize.org/uploads/2020/09/advanced-economicsciencesprize2020.pdf

• Milgrom lecture: https://www.nobelprize.org/prizes/economic-sciences/2020/milgrom/lecture/

• Video summary by Economics Explained: https://www.youtube.com/watch?v=R_wxk7Ihyok&ab_channel=EconomicsExplained