In the last outstanding category of Nobel Prizes, the decision of this year’s winners has now been made: The Nobel Prize for Economics will be awarded to economists Milgrom and Wilson from the USA, who are researching auction formats. This year’s Nobel Prize for Economics goes to Paul R. Milgrom and Robert B. Wilson. The two US economists are honored for their improvements in auction theory and the invention of new auction formats, as announced by the Royal Swedish Academy of Sciences in Stockholm.

This year’s Nobel Prize in Economics goes to US researchers Paul Milgrom and Robert Wilson.

The jury said that sellers around the world benefited as well as buyers and taxpayers from the research carried out by the two economists. “Auctions are everywhere and affect our everyday lives.” Milgrom and Wilson conduct research at Stanford University in the United States. They had already been considered favorites for this year’s Nobel Prize in Economics. With this, all Nobel Prize winners have been announced for this year. The chosen ones in the categories medicine, physics, chemistry, literature and peace were announced last week. This time, all prizes are endowed with ten million Swedish kronor (around 960,000 euros) per category, that’s one million kroner more than in 2019. At that time, the three economists Esther Duflo, Abhijit Banerjee and Michael Kremer were honored for their services in the fight against global poverty been. Duflo has been only the second woman to date among the award winners in the economics category.

Not a classic Nobel Prize

The Nobel Prize for Economics is the only one of the awards that does not go back to the testament of the dynamite inventor and prize donor Alfred Nobel. Rather, it has been donated by the Swedish Central Bank since the late 1960s and, strictly speaking, is not considered a classic Nobel Prize. Nevertheless, it will be presented together with the other prizes on the anniversary of Nobel’s death, December 10th.

Poetry and essays on nature Nobel Prize for Literature goes to Louise Glück

This time the otherwise solemn Nobel Prize ceremonies in Stockholm and Oslo will take place in a different and much smaller setting due to the corona pandemic. In Stockholm, where all prizes except for the Nobel Peace Prize are awarded, instead of the magnificent ceremony in the concert hall, a presentation broadcast from the City Hall is planned this time, at which the winners from their respective home countries will be connected. Since the first award of the Nobel Prize for Economics in 1969, only one German has been among the winners: The Bonn scientist Reinhard Selten received it in 1994 together with John Nash and John Harsanyi for their pioneering contributions to non-cooperative game theory.

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