Nobel Prize in Economics awarded: how this year’s winners changed the world

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In recent weeks, several Nobel Prizes have been awarded for outstanding performance in various fields of activity. The most recent distinction was awarded in Economics.

Yesterday, Paul R. Milgrom and Robert B. Wilson received the Nobel Prize in Economics. The research activity of the two researchers aimed at “improving the theory of the auction and inventing new auction formats”, according to Newsweek.

The new auction formats are a “wonderful example” of how basic research can subsequently generate inventions with a long-term beneficial effect on society as a whole. Over the past few decades, this year’s laureates, Paul Milgrom and Robert Wilson of Stanford University, have studied a seemingly trivial topic of how auctions work.

However, they used the knowledge gained to outline new auction formats for goods and services that are traditionally difficult to sell, such as radio spectra. Sellers, buyers and taxpayers from all over the world benefited from their discoveries, states nobelprize.org, according to Agerpres.

As an interesting reference, in 2019, the Nobel Prize fell into the hands of three people, Abhijit Banerjee, Esther Duflo and Michael Kremer. They ”introduced a new approach to get serious answers on the best ways to fight global poverty. Their research has greatly improved our ability to fight global poverty, which is now a thriving field of research. ”

Beyond the prestige that comes with every Nobel Prize, each prize is accompanied by 10 million Swedish kronor, about 1.1 million dollars. Although most associate the annual distinction with the Nobel Peace Prize, the distinction for economic performance was introduced in 1968 by the Central Bank of Sweden. It was first awarded a year later, in 1969. This is the only prize that is not funded by the Nobel Foundation, the money coming from the Central Bank of Sweden.

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