"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said in a statement. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world," the Nobel Prize's official website tweeted. New auction formats have been used for radio spectra, fishing quotas, aircraft landing slots and emissions allowances. The economics prize, won by such luminaries as Paul Krugman and Milton Friedman in the past, was the final of the six awards in 2020, a year in which the Nobels have been overshadowed by the COVID-19 pandemic. The Norwegian Nobel Committee plans to go ahead with an award ceremony, albeit in a reduced format due to the coronavirus pandemic, in Oslo on Dec 10, the anniversary of the death of Alfred Nobel.

Source: bd News24 October 12, 2020 09:56 UTC