Two Auction Theorists Win the 2020 Nobel Prize in Economic Sciences

12 Oct, 2020 - Tranzon, LLC

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This year's Nobel in Economic Sciences was awarded to Paul Milgrom and Robert Wilson of Standford University for their work on the theory of auction processes and the understanding of how auctions work. Their work led to the implementation of new auction processes for the sale of complex goods such as radio frequencies and mineral rights -- processes which are now used around the world to improve outcomes for sellers, buyers, and taxpayers.

The Nobel committee's award to these pioneers of auction theory highlights the prevalance of auctions in our daily lives, as well as the important role the auction process plays in a free and fair economy. Milgrom and Wilson's important work advanced the awareness and design of auction processes and demonstrated their flexibility as a method of sale -- no matter how simple or complex the asset -- to world-changing effect.