Paul R. Milgrom
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020
Born: 20 April 1948, Detroit, MI, USA
Affiliation at the time of the award: Stanford University, Stanford, CA, USA
Prize motivation: "for improvements to auction theory and inventions of new auction formats."
Prize share: 1/2
Humans have been selling things to the highest bidder or buying things from the cheapest source for thousands of years. These days, goods and services change hands for astronomical values at auctions daily. Paul Milgrom and Robert Wilson have studied how auctions work. They have also translated their theories into practice and created new auctions for goods and services that are difficult to sell through traditional means, such as radio frequencies. Their discoveries have benefited sellers, buyers and taxpayers around the world.
Their work and discoveries range from the formation of black holes and genetic scissors to efforts to combat hunger and develop new auction formats.
See them all presented here.