Sveriges Riksbank Prize in Economic Sciences 2020: Improved Auctions

When US academic Robert B. Wilson wanted to tell his long-time collaborator and friend Paul R. Milgrom that they had jointly been awarded the Sveriges Riksbank Prize in Economic Sciences, he only needed to cross the road they both live on in Palo Alto, California, to deliver the news. The moment at 2am in the morning (as Milgrom had turned his phones off) was captured on Milgrom’s video doorbell.

The heart-warming episode helps highlight the serious point that the two Stanford University professors have worked closely together over the last four decades on research into the designs of mathematical models that have led to major advances in auction theory and inventions of new auction formats. Learn more about their work on our blog.

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