Nobel Prize in Economics given to Paul Milgrom, Robert Wilson for auction theory
- 4 years ago
노벨경제학상에 경매이론 美밀그럼•윌슨…주파수경매 기반 마련
This year's Nobel Prize in Economics has been awarded to two American economists for their role in improving the theory of how auctions work.
They also invented new auction formats that are now imbedded into many parts of the economy.
FLee Seung-jae reports.
On Monday,... the Royal Swedish Academy of Sciences announced two winners for the Nobel Prize in Economics.
"The Royal Swedish Academy of Sciences has today decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel jointly to Paul R. Milgrom and Robert B. Wilson for improvements to auction theory and invention of new auction formats."
The two are both professors at Stanford University,... and have been recognized for their theoretical discoveries that improved the way auctions work.
According to the Nobel Committee,... their discoveries "have benefited sellers, buyers and taxpayers around the world ",... adding the auction formats developed by the two Nobel laureates have been used to sell goods and services traditionally difficult to sell, such as radio frequencies, fishing quotas and airport landing slots.
Their new formats paved the way for auctioning many interrelated objects on behalf of a seller motivated by doing good for society,... rather than just achieving the highest price possible,... as seen in traditional auction methods.
The method was first seen in 1994,... when U.S. authorities sold bands of radio spectrum.
Through this,... it ensured that taxpayers were benefiting from the sale of radio frequencies that were owned by the government,... but at the same time,... provided huge value to mobile network operators.
This year,... aside from the Nobel Peace Prize,... which went to the UN's World Food Programme,... seven of the eleven laureates were Americans.
Lee Seung-jae, Arirang News.
This year's Nobel Prize in Economics has been awarded to two American economists for their role in improving the theory of how auctions work.
They also invented new auction formats that are now imbedded into many parts of the economy.
FLee Seung-jae reports.
On Monday,... the Royal Swedish Academy of Sciences announced two winners for the Nobel Prize in Economics.
"The Royal Swedish Academy of Sciences has today decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel jointly to Paul R. Milgrom and Robert B. Wilson for improvements to auction theory and invention of new auction formats."
The two are both professors at Stanford University,... and have been recognized for their theoretical discoveries that improved the way auctions work.
According to the Nobel Committee,... their discoveries "have benefited sellers, buyers and taxpayers around the world ",... adding the auction formats developed by the two Nobel laureates have been used to sell goods and services traditionally difficult to sell, such as radio frequencies, fishing quotas and airport landing slots.
Their new formats paved the way for auctioning many interrelated objects on behalf of a seller motivated by doing good for society,... rather than just achieving the highest price possible,... as seen in traditional auction methods.
The method was first seen in 1994,... when U.S. authorities sold bands of radio spectrum.
Through this,... it ensured that taxpayers were benefiting from the sale of radio frequencies that were owned by the government,... but at the same time,... provided huge value to mobile network operators.
This year,... aside from the Nobel Peace Prize,... which went to the UN's World Food Programme,... seven of the eleven laureates were Americans.
Lee Seung-jae, Arirang News.