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Rest of Europe News: Paul Milgrom and Robert Wilson have been awarded the Nobel Prize for Economics - sveriges riksbank prize in economic sciences 2020 has been awarded to paul r milgrom and robert b wilson

Highlights:

  • This year the Nobel Prize in Economics was jointly awarded to Paul R. Milgrom and Robert B. Wilson
  • This award has been given for improving the principle of auction and inventions of new auction formats.
  • The award was given to two researchers from MIT and one from Harvard in 2019


Stockholm
The Nobel Prize for Economics has been announced. In 2020, the award is given to Paul R. Milgrom and Robert B. Wilson for improving the theory of auction and inventions of new auction formats. Technically, it is known as the Sovereign Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The award was established in 1969 and has been given 51 times since then and is considered one of the Nobel Prizes.

MIT researchers were given the award in 2019
Last year, the award was given to two researchers from Massachusetts Institute of Technology and one from Harvard University for research towards global poverty alleviation. Under this prestigious award, an amount of one crore krona (about 1.1 million US dollars) is provided.

What is Nobel Prize
The Nobel Prize is awarded every year on 10 December since the fifth death anniversary of the Swedish inventor Alfred Nobel for outstanding contributions in various fields. Nobel invented explosive dynamite. He was very unhappy with his invention being used in the war. As a measure of this, he arranged for the Nobel Prize in his will. He wrote in his will that the majority of his wealth be kept in a fund and his annual interest should be rewarded to those who have made outstanding contributions to mankind.

The series of Nobel Prizes started from the year 1901
The first Nobel Prizes were awarded in the year 1901 in the fields of Physics, Chemistry, Medicine, Literature and Peace. This was Alfred Nobel’s fifth death anniversary. Nobel was born in 1833 in Stockholm. His father used to make war weapons. Later, Noble also became a great scientist in chemistry. In the year 1867, he invented extremely explosive dynamite. On 10 December 1896, Nobel died in Saun Remo, Italy. Nobles were in fact followers of peace. In the last days of his life, he was deeply remorseful about his infidelities which had caused great havoc in the war. As a result of this, he arranged the Nobel Prizes in his will and wrote that most of his wealth should be awarded to those who have done excellent work towards the welfare of mankind.

Nobel is the world’s most prestigious award
Nobel is considered the world’s most prestigious award today. Its winners include the world’s celebrities. Nobel prizes have been awarded to celebrities such as the great scientist Albert Einstein, author JB Shaw, Winston Churchill, Ernest Hemingway, the Dalai Lama and Nelson Mandela. The Royal Swedish Academy of Sciences selects Nobel Prize winners in Physics, Chemistry, Literature, Peace and Economic. The Swedish Royal Caroline Medico-Surgical Institute announces the winners in the field of medicine. The Swedish Academy announces the Nobel Prizes in the field of literature and the Norwegian Parliaments Awards in the field of peace.

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