Paul R. Milgrom

Facts

Paul R. Milgrom preliminary portrait

© Nobel Prize Outreach. Photo: Elena Zhukova

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

Work

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.

To cite this section
MLA style: Paul R. Milgrom – Facts – 2020. NobelPrize.org. Nobel Prize Outreach AB 2021. Sat. 23 Oct 2021. <https://www.nobelprize.org/prizes/economic-sciences/2020/milgrom/facts/>

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