: American economists share 2020 Nobel Prize in Economics #IndiaNEWS #International Stockholm, Oct 12 | The 2020 Nobel Prize in Economics was on Monday awarded to American economists, Paul R. Milgrom

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American economists share 2020 Nobel Prize in Economics #IndiaNEWS #International
Stockholm, Oct 12 | The 2020 Nobel Prize in Economics was on Monday awarded to American economists, Paul R. Milgrom and Robert B. Wilson for improvements to auction theory and inventions of new auction formats.
According to the Royal Swedish Academy of Science, Wilson has awarded this years Prize in Economic Sciences as he showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winners curse that is, about paying too much and losing out.
Meanwhile, Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder.
Milgrom and Wilson are both from Stanford University.
This years Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society, says Peter Fredriksson, chair of the Prize Committee.
Source: IANS
The post American economists share 2020 Nobel Prize in Economics appeared first on Bhaskar Live English News.

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