“Their discoveries have benefited sellers, buyers and taxpayers around the world,” the prize committee said.The men were honored for theoretical insights into developing the best rules for bidding and for establishing the final price. The resulting improvements in auction formats have proven especially useful in auctioning off goods and services that are difficult to price using traditional methods, such as radio frequencies, the committee said.
The prize committee said that Milgrom and Wilson had invented new formats for simultaneously auctioning off many interrelated objects for societal benefit rather than maximal revenue. In 1994, the U.S. government first used their insights to auction off radio frequencies to telecommunications companies.“This year’s Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally.
The International Monetary Fund expects “a partial and uneven recovery” next year. Finance ministers and central bank chiefs from 189 member nations will gather virtually this week for the annual meetings of the fund and its sister institution, the World Bank.Last year, a trio of economists shared the prize, which they received in recognition of their pioneering work developing new methods to fight global poverty.
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