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Milgrom, Wilson Win Nobel in Economics for Work on Auctions

The auctioneer raises his gavel to close a final bid. (Photographer: Waldo Swiegers/Bloomberg) Oct 12 2020, 3:20 ...

Milgrom, Wilson Win Nobel in Economics for Work on Auctions

Milgrom, Wilson Win Nobel in Economics for Work on Auctions

The auctioneer raises his gavel to close a final bid. (Photographer: Waldo Swiegers/Bloomberg)

Two Stanford University academics who helped design the U.S. auction that allocates mobile-phone frequencies will share the 2020 Nobel Prize in economics.

Paul Milgrom and Robert B. Wilson, whose ideas have been applied to sales of anything from aircraft landing slots to fishing quotas, won’t need to travel to Stockholm to receive the award because of the Covid-19 crisis, according to Nobel officials.

“They have used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies,” the Royal Swedish Academy of Sciences said in a statement on Monday.

Milgrom, Wilson Win Nobel in Economics for Work on Auctions

The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is again opting to laud the real-world application of the discipline, after recent years of honoring groundbreaking research ranging from inequality to climate change to behavioral economics.

“It’s very happy news, I’m very glad about it,” the 83-year-old Wilson told a press conference in Stockholm by phone from his home in California. “It’s very early in the morning here.”

Wilson, who was born in Nebraska and studied at Harvard University, was the thesis adviser of his fellow winner. The 72-year-old Paul Milgrom was born in Detroit and earned his Ph.D. in business at Stanford in 1978.

Spectrum Sale

He and Wilson, along with Preston McAfee, are best known for the so-called simultaneous ascending auction, which was developed for the U.S. Federal Communications Commission’s 1994 sale of spectrum. The method has since been used to set prices on such things as electricity and gas.

Milgrom advised on Google Inc.’s 2004 initial public offering, and has also been an adviser to Yahoo!, Microsoft Corp and the government across the world, according to his website.

Wilson was questioned at the press conference on what was the last thing he bought at an auction.

“My wife points out to me, we bought ski boots on Ebay,” he said. “I guess that’s an auction.”

Last year’s economics prize went to Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University “for their experimental approach to alleviating global poverty.” Previous winners include Paul Krugman, Daniel Kahneman, Amartya Sen and Milton Friedman.

The 2020 Economics Prize outcome expands the list of male laureates of the prize to 84. Only two women have ever won it, including Duflo last year.

©2020 Bloomberg L.P.

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