STOCKHOLM (REUTERS) - US economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said on Monday (Oct 12). “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. “Auctions are everywhere and affect our everyday lives. 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 traditional gala winners’ dinner in December has been cancelled and other parts of the celebrations are being held digitally to avoid the risk of spreading the infection. The 10-million-Swedish-crown (S$1.54
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