ECONOMICS NOBEL PRIZE
- October 13, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Context: The Nobel Prize for Economics, 2020 was awarded to Paul R Milogrom and Robert B Wilson.
Concept:
- They were awarded for improvements to Auction Theory and also for inventing new auction formats.
What is Auction Theory?
- It is an applied branch of economics that speaks of people action in auction markets. It deals with how people research the properties of auction markets. The theory is more suited for auctions for privatization of public-sector companies or sale of electromagnetic spectrum.