On October 12, 2020 Professor Göran K. Hansson, Secretary General of the Royal Swedish Academy of Sciences announced the Nobel Prize in Economic Sciences or Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 jointly to 2 American economists namely, Paul R. Milgrom and Robert B. Wilson for “improvements to auction theory and inventions of new auction formats”.
The Nobel Laureates will receive a Nobel diploma, a Nobel Medal and a document confirming the Nobel Prize amount of 10 million Swedish kronor (more than USD 1.1 million).
Key Info
i.They have designed new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.
ii.This discovery has benefitted sellers, buyers and taxpayers globally.
About the awardees
Paul R. Milgrom– Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, USA.
Robert B. Wilson– Adams Distinguished Professor of Management, Emeritus, Stanford University, USA.
List of Indians who won Nobel Prize in Economic Sciences
- Amartya Sen won this prize in 1998 and became the 1st Asian to have been honoured with the award.
- Abhijit Banerjee born in India won this award in 2019.
Gist about Nobel Prize
i.Alfred Nobel, a Swedish chemist, engineer, inventor, businessman, and philanthropist signed his last will and testament, giving the largest share of his fortune to a series of prizes in Physics, Chemistry, Physiology or Medicine, Literature and Peace – the Nobel Prizes on November 27, 1895.
ii.Sveriges Riksbank (Sweden’s central bank), in 1968 established,The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Academies who Award the nobel prize
- The Swedish Academy awards the Nobel Prize in Literature.
- The Nobel Assembly at Karolinska Institutet awards the Nobel Prize in Physiology or Medicine.
- The Norwegian Nobel Committee awards the Nobel Peace Prize.
- The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry and Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Recent Related News:
i.On 10th September 2020, Euromoney, the global finance and banking magazine’s Awards for Excellence 2020 honoured Aditya Puri, Managing Director(MD) of HDFC Bank with a Lifetime Achievement Award 2020. This is a first of its kind recognition for a corporate leader from India.
ii.On 16th August 2020, The Michelin Star Chef Vikas Khanna received the 2020 Asia Game Changer Award from Asia Society, a United States based non-profit organisation for feeding millions of people across India amid the ongoing COVID-19 pandemic, by coordinating a food distribution drive from Manhattan.He is the only Indian among the six awardees who were recognised by the Asia Society.
