We were thrilled to learn this morning that the Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences to Stanford economists Paul R. Milgrom and Robert Wilson “for improvements to auction theory and inventions of new auction formats.”
Robert Wilson, left, and Paul Milgrom have been awarded the 2020 Nobel Prize in Economic Sciences. Credit: Andrew Brodhead.
Paul Milgrom is the Shirley and Leonard Ely professor of Humanities and Sciences in the department of economics and professor by courtesy at Stanford Graduate School of Business. Robert Wilson is the Adams Distinguished Professor of Management, Emeritus, at the GSB, where he has been on the faculty since 1964. Wilson is the fourth GSB faculty member to win the Nobel.
The Nobel committee noted that this year’s laureates have used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies — and that their discoveries have benefitted sellers, buyers and taxpayers around the world.
Paul and Bob received the news early this morning — and since they live across the street from each other, were able to begin celebrating early. We will be holding a virtual celebration in their honor this afternoon at 2 p.m. PDT. In the meantime, please join me in congratulating Paul and Bob!