Stanford Economists Win Nobel Prize For Auction Theory

  • October 12, 2020 15:02

  • Email

The Nobel prize for economics was awarded on Monday to Americans Paul R. Milgrom and Robert B. Wilson. The two game theory specilaists won for their designs of mathematical models that promote “improvements to auction theory and inventions of new auction formats,” said Göran K Hansson, secretary-general of the Royal Swedish Academy of Sciences.

Milgrom, 72, is the Shirley and Leonard Ely professor of humanities and sciences at Stanford University. Wilson, 83, is a professor emeritus at Stanford.

Milgrom found solutions relating to bidders who start with an undervalued price to avoid the so-called winner's curse of overpaying. While the winner's curse issue has long been acknowledged, Milgrom and Wilson "built a theory that explains how it occurs, under what conditions, and how to make it less of a problem," notes Bloomberg. (Read more about their work from the Nobel Prize committee.) 

The pair has been noted for their contributions in designing new auction formats for complex situations across industries.

Read more at Bloomberg

  • Email

More News Feed Headlines

Installation view, Byron Kim, Sky Blue Flag, 2015.  Courtesy the artist and Ballroom Marfa.  Photo by Mackenzie Goodman.

8 Leading Artists Create Flags Accompanied by Sound-Based Works in 'unFlagging' Series at Ballroom Marfa

  • ArtfixDaily / October 26th, 2020

This fall, Ballroom Marfa presents an outdoor exhibition from October 2, 2020 through January 21, 2021 that features ...

Childe Hassam, Plaza de la Merced, Ronda, 1910.  Oil on panel.  25 1/2 x 20 1/2 in.  (64.6 x 52 cm) Carmen Thyssen-Bornemisza Collection on loan at the Museo Nacional Thyssen-Bornemisza, Madrid

Major New Museum Exhibition Explores Spanish Influence on American Artists

  • ArtfixDaily / October 26th, 2020

The extensive impact of Spanish art and culture on American painters in the nineteenth and early twentieth centuries ...

Altar to Zeus in the Pergamonmuseum, Berlin.

Dozens of Art Objects Vandalized in Mysterious Attacks at German Museums

  • NPR / October 21st, 2020

About 70 artifacts and art pieces were vandalized at several museums in Berlin earlier this month. Ancient Egyptian ...

Damien Hirst, In and Out of Love (Butterfly Paintings and Ashtrays) (detail), 1991, © Damien Hirst and Science Ltd.  All rights reserved / DACS, London / ARS, NY 2020.

'Love, Life, Death, and Desire' Exhibition Opens at Yale Center for British Art

  • ArtfixDaily / October 14th, 2020

Damien Hirst’s seminal installation In and Out of Love (Butterfly Paintings and Ashtrays) is ...


Related Press Releases

ARTFIXdaily Artwire