The Nobel Prize for Economics announced; Deets inside

The Nobel Prize for Economics, technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, has awarded to Paul R. Milgrom and Robert B. Wilson for the year 2020.

What is their contribution? As per the committee that announced the names, the duo has made contributions towards the “improvements to auction theory and inventions of new auction formats”.

As per the committee, their study will help sellers, buyers as well as taxpayers. 

Commenting on the winners, commentator Matthew Yglesias wrote, “‘Auction theory’ is going to sound very obscure to most people but these guys came up with the auction format the FCC (and now lots of other regulators) use to auction off radio spectrum, one of the big underpinnings of the modern mobile economy.”