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She continued her efforts to improve auction theory


Today, the activities of the 2020 Nobel Prize season were concluded with the announcement by the Royal Swedish Academy of Sciences that Paul Milgrom – Paul Milgrom and Robert Wilson – Robert Wilson had won what is metaphorically called the 2020 Nobel Prize in Economics or what is officially known as the Nobel Memorial Prize in Economic science In memory of Alfred Nobel; In honor of their pioneering role in improving auction theory and inventing new auction formats, a branch of game theory, their findings have benefited sellers, buyers and taxpayers around the world. whole.

This concludes the Nobel Prize season The extraordinary year of 2020, which coincided with the Covid-19 virus pandemicAnd who witnessed the award of the Peace Prize toWorld Food Program United Nations. The 2020 Nobel Laureates were announced in the fields of medicine, physics, chemistry, literature and peace, respectively, over the past week.

The Nobel Prize includes the achievement of a medal, a commemorative diploma and a cash prize, and it is reported that the organizing committee For the world Nobel Prize He had announced earlier to the world that the financial value of the 2020 prize will increase by an additional one million kroner, becoming 10 million Swedish kronor, or roughly $ 1.1 million or 950 thousand euros.

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Nobel Prize in Economics 2020

Nobel Prize in Economics 2020: I have strived to improve auction theory
Nobel Prize in Economics 2020: I have made efforts to improve auction theory.

Women were more prevalent than usual this year, with American poet winning Louise Glück – Louise Glück Literature Prize. Frenchwoman Emmanuelle Charpentier – Emmanuel Charpentier and American Jennifer Doudna – Jennifer Doudna became the first female duo to win the Nobel Prize last Wednesday, where they received an award. Chemistry For their discovery modification technology The genes CRISPR-Cas9 DNA with precision.

In general, the average Nobel Prize for women has been only one in 20 medals since its inception in 1901.

Given that the Extraordinary Nobel Prizes 2020, due to the epidemic linked to the economic crisis, where the winners are announced amid the consequences of the pandemic Corona virus crisis, it was more expected than ever that the Royal Swedish Academy of Sciences chooses to honor an economist who focuses on His efforts in health economics, but the award went to a branch of game theory regarding auction strategies for participating parties at the auction.

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Auction Theory

The Nobel Prize in Economics is awarded for distinguished achievement in the field of economics and is considered the most prestigious prize in this field, according to the official statement issued by the Academy and according to the statement issued by the Royal Academy from Sweden regarding the announcement of the 2020 Nobel Prize in Economics in relation to auction theory:

This year’s two winners, Paul Milgrom and Robert Wilson, have studied how auctions work. They 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 – radio frequencies.

In 1994, for the first time in their history, US authorities used a commercial auction theory format to sell radio frequencies to telecommunications operators.

Last year, the Royal Swedish Academy of Sciences jointly awarded the 2019 Sveriges Riksbank Prize in Economics to the economic trio: Abhijit Banerjee, a Native American, and his French-American wife Esther Duflo with American Michael Kremer – Michael Kremer.

And for their efforts in the fight against the phenomenon Global povertyAnd to reduce its seriousness on the ground, and increase the ability to understand the behavior of the general public, by providing a better explanation of the behaviors of the world’s poor away from concave economic theories, and by confirming that the causes are completely mundane. what top development economists and development decision-makers did not expect. the world.

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Facts about the Nobel Prize in economics

Nobel Prize in Economics 2020
Nobel Prize in Economics 2020: move on to auction theory.

This award is officially known as: Sveriges Riksbank Award – Sveriges Riksbank in Economic science In memory of Alfred Nobel and named after Sveriges Riksbank (the Swedish Central Bank), who made a donation to launch the award to celebrate the 300th anniversary of the founding of the bank, as it was founded and funded by the Swedish Central Bank in 1968 in memory of the founder of the Nobel Prize, but it is managed by the Nobel Foundation Created by the Swedish inventor of dynamite.

The Nobel Prize in Economics is the only prize that was not invented by Alfred Nobel, but rather developed by the Swedish Central Bank (in memory of Alfred Nobel), according to what is mentioned on the official websiteThe economics prize is actually not a Nobel Prize, as it was not among the original five prizes officially mentioned in Alfred Nobel’s will.

The prize was first awarded in 1969 to Ragnar Frisch and Jan Tinbergen after developing the application of dynamic models to the analysis of economic processes.

The University of Chicago’s economics department has won the Nobel Prize 12 times and MIT six times. The average age of the laureates is over 65, the highest among the six Nobel Prize winners.

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So far, economist Esther Duflo, who won the Economics Prize last year 2019 and was born in 1972, is the youngest to receive it, she was 46 when the prize was awarded, becoming the second woman to receive an economics award, after Elinor Ostrom. Elinor Ostrom in 2009

So the greatest economics laureate to date is Leonid Hurwicz – Leonid Horwitch, who was 90 when he received an award in 2007.