PremiumRobert Wilson and Paul Milgrom: The economists who won the Nobel through auctions

This time, the Royal Swedish Academy cannot be criticized for privileging the theory. He awarded the Nobel Prize in Economics to two Americans who are studying how to improve a process that affects the purchase and sale of thousands of products and services around the world: auctions.

The call you answer on your cell phone, the light that turns on to illuminate the room, the investment you make in debt, the advertising you see on Google, the gas you put in your car. These are just a few of the thousands of things that come to us after going through an auction process in one phase.

The Swedish Royal Academy of Sciences recognized this Tuesday the importance of this form of buying and selling in our lives, by awarding the 2020 Nobel Prize in Economics to Robert Wilson and Paul Milgrom, both from the American Stanford University, for their work in the study of auction theory.

Steffen Hoernig, associate professor at the Nova School of Business and Economics, told the Jornal Económico that “what is so good about the work of these two is that they start from cutting edge work, in terms of theory, in the 60s onwards, but it has application in so many things ”.

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