Paul R Milgrom and Robert B Wilson receive Nobel Prize in Economic Sciences

By
Raz Naik
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Paul R. Milgrom and Robert B. Wilson were awarded the Nobel Prize for improving the theory of auction in economics and inventions of new auction formats.
Technically it is known as the ‘Acceptance Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The award was established in 1969 and has been awarded 51 times since then and is considered one of the Nobel Prizes.

Last year, this award was given to two researchers from the Massachusetts Institute of Technology and a researcher from Harvard University for research towards global poverty alleviation. Under this prestigious award, an amount of one crore krona (about 11 million US dollars) was awarded. Is performed.

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