26th October 2020

Confidant Classes

A Premier Judicial Service Coaching

The 2020 Nobel Prize in Economics

The 2020 Nobel Prize in Economics was awarded on Monday to Paul R. Milgrom and Robert B. Wilson “for improving auction theory and inventions of new auction formats”.

“This year’s winners, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their knowledge to design new auction formats for goods and services that are difficult to sell in the traditional way, such as radio frequencies, ”

the Royal Swedish Academy of Sciences said in a press release.

“His findings have benefited sellers, buyers and taxpayers around the world,”

they added.
  • The prize covers a Nobel Prize week and is technically known as the Sveriges Riksbank Prize for Economics in Memory of Alfred Nobel. Since its inception in 1969, it has been awarded 51 times and is now widely regarded as one of the Nobel Prizes.
  • In addition to enormous prestige, the prize comes with a cash prize of 10 million crowns ($ 1.1 million) and a gold medal which will be presented at a ceremony in Oslo, in Norway.
  • December 10, anniversary of the death of the founder of the Nobel Prize winner Alfred.
  • In 2019, the award was shared by Indo-American economist Abhijit Banerjee, Esther Duflo and Michael Kremer. The trio were awarded for their experimental approach to reducing poverty around the world.

Who else won the Nobel Prize this year?

  • On Monday of last week, the Nobel Committee awarded the Physiology and Medicine Prize to two Americans and a British scientist for their contribution to the identification of the hepatitis C virus, responsible for cirrhosis and liver cancer.
  • On Tuesday, the prestigious physics journal honored the progress in understanding the mysteries of cosmic black holes by three scientists: a British, German and American astrophysicist.
  • The Nobel Prize in chemistry was awarded Wednesday to two scientists behind a powerful gene editing tool. They become the sixth and seventh women to win a Nobel Prize in chemistry, joining Marie Curie (1911) and Frances Arnold (2018).
  • On Thursday, the literature prize was awarded to the American poet Louise Gluck for her “frank and uncompromising” work.
  • The prestigious 2020 Nobel Peace Prize was awarded to the World Food Program (WFP) on Friday for its efforts to fight hunger and food insecurity in the world. The announcement was made in Oslo by Berit Reiss-Andersen, chairman of the Nobel committee.
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