2020 Nobel Prize in Economics announced
Two American economists Paul Milgrom and Robert Wilson are the recipients of the Nobel Prize for Economics 2020. They were awarded the prize for their concepts on the functioning of auctions. Both economists have put forward their ideas on how auctions work and why bidders behave in a certain way.
They have invented entirely new auction formats using theoretical discoveries for the sale of goods and services. They found out the ways of improving the theory of how auctions work. They have become successful in establishing new and improved auction formats of the economy.