Nobel Prize 2020 in Economics Awarded to Paul Milgrom and Robert Wilson:
This year's Nobel Prize in Economics will be awarded jointly to American economists Paul Milgrom and Robert Wilson. The award was given by economists Milgrom and Wilson for their contribution to the auction theory, according to the Royal Swedish Academy of Sciences. The award is given for improving the auction theory and inventing a new auction format.
The Nobel Prize in Economics is known as the Sveriges Riksbank Prize in Economic Sciences. It was provided by the Central Bank of Sweden and has been provided since 1969 in memory of the industrialist Alfred Nobel.
In 2019, the award was presented to Abhijit Banerjee, Esther Duflo, and Michael Kramer for their contributions to poverty alleviation. Duflo was a professor at the Massachusetts Institute of Technology (MIT). She is the youngest and second woman to receive the award.
The Nobel Prize in Economics has been awarded to 88 scholars 52 times since 1969. The 2016 Nobel Prize in Economics was awarded to Oliver Hart and Bengt Holmström. He was awarded this prize for contract theory. This theory is how individuals and businesses build businesses and develop legal agreements.
The 2017 Nobel Prize in Economics was awarded to Richard H. Thaler. It was provided for the contribution of Behavioral Economics. Behavioral economics is the study of the psychology of financial decision making.
The 2018 Nobel Prize in Economics was awarded to William D. Nordhaus. He was awarded the award for integrating climate change into a long-term macroeconomic analysis. The same year the award was given to Paul M. Romer for the same contribution.
