The current year has been quite diverse in terms of events. Recently, the highly anticipated 2020 Nobel Prize award ceremony has taken place at the Stockholm Concert Hall. This year, two American economists, Paul R. Milgrom and Robert B. Wilson, won the Nobel in economic science for improvements to auction theory as well as inventions of new auction formats.
The updated auction format will facilitate efficient trading, the Royal Swedish Academy of Sciences stressed. "The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the Nobel committee added. Notably, the laureates' innovations have huge practical applications when it comes to allocating rare resources. Winners of the Nobel Prize in Economics, which has been awarded since 1969, will receive a 10-million krona ($1.14 million) cash prize and a gold medal. The official name of the award is the Swedish National Bank Prize in Economic Sciences in Memory of Alfred Nobel. Curiously enough, Alfred Nobel did not mention economics in his will. It was added to the list after his death.
In the first week of October 2020, the Royal Swedish Academy of Sciences announced the names of laureates in medicine, physics, chemistry, and literature. The full list is presented on the official website.
