The Nobel Prize winners in Economics were awarded to Paul R. Milgrom and Robert B. Wilson on Monday, 12th of October for “improvements to auction theory and inventions of new auction.”
“This year’s Economic Sciences Laureates, Paul and Robert have improved the auction theory and invented new auction formats which will benefit sellers, buyers and taxpayers around the world as auctions are everywhere and affect our everyday lives,” said the Nobel committee in its statement.
The Nobel Prize in Economics was introduced in 1969 and it has been awarded 52 times. Besides, it has also been a widely considered award amongst the others.
The Nobel Committee further acclaimed, “This year’s Economic Science Laureates, Paul Milgrom and Rob Milgrom and Robert Wilson, have not just clarified how auctions work and why bidders behave in a certain way, but used their theoretical discover to invent entirely new auction formats for the sale of goods and services.”
Fun Fact: The Nobel Prize in Economics is not an actual Nobel Prize but penned down by Sveriges Riksbank Prize (Sweden’s central bank) in the memory of late Alfred Nobel.
An entire week is specifically allotted for the announcements of the Nobel Prize winners.
Here are some honourable awardees of the Nobel Prize for 2020:
The Nobel Peace Prize for 2020:
The Norwegian Nobel Committee unanimously decided to award the Nobel Peace Prize to World Food Programme (WFP). They recognized the efforts taken by WFH to combat hunger problems, and the contribution to make peace in the conflict-affected areas. World Food Programme is a driving force which prevents the usage of hunger as a weapon for war and conflict.
The Nobel Prize for Chemistry 2020:
The 2020 Chemistry Laureates are Emmanuelle Charpentier and Jennifer A. Doudna for “their innovative development of a method for genome editing”. Their discovery of CRISPR/ cas9 genetic scissors in 2012 and has brought the greatest benefit to the humankind, even in regards to the pandemic.
The Nobel Prize for Physics 2020:
The Royal Swedish Academy of Sciences decided to award the first half of The Nobel Prize in Physics 2020 to Roger Penrose for his discovery that stated: “black hole formation is a robust prediction of the general theory of relativity.” The other half of the award was jointly shared by Reinhard Genzel and Andrea Ghez for their discovery “of a supermassive compact object at the centre of our galaxy.
The Nobel Prize for Literature 2020:
Louise Glück received the Nobel Prize for Literature for the year 2020. She is an American poet and she was awarded for her “unmistakable poetic voice that with austere beauty makes individual existence universal.” She was acclaimed as one of the most prominent poets in the American Contemporary literature after her debut in 1968 with Firstborn.
The Nobel Prize for Medicine 2020:
The 2020 Nobel Prize for Medicine was jointly awarded to Harvey J. Alter, Michael Houghton, and Charles M. Rice for “the discovery of Hepatitis C virus”. The highly sensitive blood tests are now available and have essentially eliminated post-transfusion hepatitis in many parts of the world because of the contribution of these laureates.
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