American economists and Stanford University professors Paul Milgrom and Robert Wilson won “for improvements to auction theory and inventions of new auction formats.”

A Jewish American economist was one of two winners of the 2020 Nobel Prize in economics for studying how auctions work, announced the Royal Swedish Academy of Sciences on Monday.

Join BJL status for engagements, births, deals, levayos, events & more:  https://bit.ly/32HUBnJ

Join an official BJL WhatsApp group for breaking news as it happens: https://bit.ly/32wc4iG

Paul Milgrom, along with American economist Robert Wilson, won the prestigious annual prize “for improvements to auction theory and inventions of new auction formats,” announced the academy.

Both professors at Stanford University, they “have also 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. Their discoveries have benefitted sellers, buyers and taxpayers around the world,” said the academy.

People have always sold items to the highest bidder or bought them from whoever makes the least expensive offer. Objects worth astronomical sums of money change hands every day in auctions—not only household objects, art and antiquities, but also securities, minerals and energy. Public procurements can also be conducted as auctions. Read more at JNS