News Excerpt
The 2020 SverigesRiskbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”

Highlights
The 2020 SverigesRiksbank Prize in Economic Sciences in Memory of Alfred Nobel is again opting to laud the real-world application of the discipline, after recent years of honoringgroundbreaking research ranging from inequality to climate change to behavioral economics.
•    Two Stanford University academics who helped design the U.S. auction that allocates mobile-phone frequencies will share the 2020 Nobel Prize in economics. Paul Milgrom and Robert B. Wilson, who won’t be traveling to Stockholm to receive the award due to the Covid-19 crisis, have had their ideas applied to sales of everything from aircraft landing slots to fishing quotas. Their theories are even evolving to encompass renewable energy markets.
•    They have used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.
•    Last year’s economics prize went to Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University “for their experimental approach to alleviating global poverty.”

PEPPER IT WITH
Nudge Theory, Coal Auction, HELP, Randomized Controlled Tria.