Nobel Prize in Economics awarded to Stanford University academics

Daniel Fowler
October 13, 2020

The Royal Swedish Academy of Sciences added in a press release: "Wilson showed why rational bidders tend to place bids below their own best estimate of the common value: they are anxious about the winner's curse - that is, about paying too much and losing out". When Nobel Prize committee could not reach him, Robert Wilson, who shared the top honours with him, went to Mr Milgrom's house to share the incredible news.

Professors Milgrom and Wilson notably came up with formats for selling interrelated items simultaneously.

In video from Professor Milgrom's doorbell camera, Professor Wilson is shown knocking at the door, saying: "Paul?" You've won the Nobel prize. "They applied auction theory to more realistic settings", Peter Fredriksson, an economist at Uppsala University and chair of the Nobel committee on economic sciences, said at the press conference. And so they are trying to reach you, but they can not. After the Nobel Prize committee failed to reach out to Paul Milgrom and inform him that his work has won the Nobel Prize, Milgrom's fellow winner- Robert Wilson- who is also his neighbour, knocked on his door at 2.15 AM in the morning to give him the good news. "They don't seem to have a number for you".

After a few seconds, Milgrom responded, "Yeah, I have?"

"Will you answer your phone?" asked Wilson's wife with a laugh.

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Milgrom's wife, who was in Stockholm, also heard the good news at the same time after receiving a security-camera notification on her phone.

Paul Milgrom and Robert Wilson won the Nobel Economics Prize for work on commercial auctions, including for goods and services hard to sell in traditional ways such as radio frequencies, the Nobel Committee said.

Goran Hansson, the secretary general of the Royal Swedish Academy of Sciences, praised the pair of American economists for their trailblazing research and creation of new types of auction formats.

The two men will receive a cash award of 10 million Swedish kronor, worth a bit more than $1.1 million.

However, he quickly had to retract his statement. "My wife is pointing out that we bought ski boots on eBay, I guess that was an auction", Mr Wilson said.

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