The award goes to Stanford University economics professors Milgrom and Wilson for their work on auction theory.

The Nobel Prizes, which were given for the first time in 1901, still exist today. The Nobel Prizes awarded by the Royal Swedish Academy of Sciences, the Swedish Academy, the Karolinska Institute and the Norwegian Nobel Committee to individuals and organizations with outstanding achievements in the fields of physics, chemistry, literature, peace and physiology or medicine found their owners in 2020. The award goes to Stanford University economics professors Milgrom and Wilson for their work on auction theory.

Goran Hansson, Secretary General of the Royal Swedish Academy of Sciences, announced in Stockholm that Milgrom and Wilson have been awarded the 2020 Nobel Prize in Economics for "advances in auction theory and the discovery of new auction formats". The Nobel Committee said in a statement that Milgrom and Wilson's discoveries "benefit sellers, buyers and taxpayers around the world".

Nobel prizes are beneficial in that they allow many studies to be recognized. Next year's Nobel economics awards are already intriguing and pave the way for new work in these fields. We look forward to the award-winning works of next year😊