Robert B. Wilson
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020
Born: 16 May 1937, Geneva, NE, 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. Robert Wilson and Paul Milgrom 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.