Paul R Milgrom, Robert B Wilson win Nobel Prize in economics | World News - Hindustan Times
close_game
close_game

Paul R Milgrom, Robert B Wilson win Nobel Prize in economics

Stockholm | ByAssociated Press | Posted by Niyati Singh
Oct 12, 2020 03:49 PM IST

Americans Paul R Milgrom and Robert B Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.

Americans Paul R Milgrom and Robert B Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.” The winners were announced Monday in Stockholm by Goran Hansson, secretary-general of the Royal Swedish Academy of Sciences.

Americans Paul R. Milgrom, left on screen, and Robert B. Wilson have won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."(AP photo)
Americans Paul R. Milgrom, left on screen, and Robert B. Wilson have won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."(AP photo)

The award caps a week of Nobel Prizes at a time when much of the world is experiencing the worst recession since World War II because of the impact of the coronavirus pandemic.

Hindustan Times - your fastest source for breaking news! Read now.

Technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1969 and is now widely considered one of the Nobel prizes.

Last year’s award went to two researchers from the Massachusetts Institute of Technology and a third from Harvard University, for their groundbreaking research into efforts to reduce global poverty.

Few economists could have predicted last fall that the globe would come to a virtual standstill within months, as governments closed their borders, imposed lockdowns and ordered other measures to stop the spread of COVID-19, triggering a sharp dip in business activity worldwide.

The prestigious award comes with a 10-million krona (USD 1.1 million) cash prize and a gold medal.

On Monday, the Nobel Committee awarded the prize for physiology and medicine for discovering the liver-ravaging hepatitis C virus.Tuesday’s prize for physics honoured breakthroughs in understanding the mysteries of cosmic black holes, and the chemistry prize on Wednesday went to scientists behind a powerful gene-editing tool.

The literature prize was awarded to American poet Louise Glück on Thursday for her “candid and uncompromising” work.The World Food Programme won the Nobel Peace Prize on Friday for its effort to combat hunger worldwide.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now!

Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On