Paul R. of the United States for his research on the modification of auction theory and new auction methods. Paul R. Bilgram and Robert b. Wilson was awarded this year’s Nobel Prize in Economics. The award was announced by Goran Hansen, Secretary-General of the Royal Swedish Academy of Sciences, in Stockholm. The prize is worth 11 million.
Nobel Prize Committee
Peter Frederickson, head of the Nobel Prize selection committee, said this year’s Nobel laureates had come up with new economic theories. Their use has been shown to be economical around the world. His research has greatly benefited society.
The auction method invented by the two was used in 1994 when auctioning radio waves in the United States. Their precise approach benefited taxpayers from the sale of radio waves, as they were auctioned off at a fair price.
About Nobel Prize
The Nobel Prize in Economics, awarded in honor of the Alfred Nobel Prize, is the Sveriges Riksbank Prize. The Nobel Prize in Economics was introduced in 1969. Last year, two researchers from the Massachusetts Institute of Technology and one from Harvard University were awarded the Nobel Prize for their research into reducing world poverty. They included Abhijit Banerjee, Ishtar Dufflow and Michael Kramer of Indian descent.
Milgrom and Wilson are both professors at Stanford University in California. The auction principles he laid out improved the auction process. He showed new ways of selling goods and services while creating new designs for the auction system, which was impossible in the traditional auction system.
Paul R. Bilgram
Born in 1948 in Detroit, USA. Ph.D. 1979 – Stanford University.
Robert B. Wilson
Born 1937 in Geneva.
DBA 1963 – Honorary Professor of Management at Harvard University (Cambridge, USA), Stanford University.
Reference Used : E Paper Loksatta