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Nobel Peace Prize catches an economic win but usually, when this prestigious award is received it is base on an invention that would assist humanity. For example, creating a vaccine for HIV or a flying automobile.
Right now in this global crisis with COVID-19 ruining lives financially as well psychologically. With the fact, the Nobel Peace Prize is an economic win, many individuals see this award as a highly significant honor was presented.
Professor Paul R. Milgrom and Robert B. Wilson won this highly honored award duo to improving mathematical models in bidding.
For inquiring minds who are wondering what is auction theory, it applies to branches of economics. Which deals with how people act in auction markets, including researches on the properties of the market.
Milgrom and Wilson were perfecting professor Alfred Nobel’s work from the Oxford Academy. Nobel actually developed auction theory in the late 1970s.
The Norwegian Committee selects the nominee(s) which can be an individual or organization. The Nobel Peace Prize is worth $10 million.
But the Nobel Peace Prize is an economic win for Milagrow and Wilson. Especially due to the fact they did not invent nor solve a global issue.
Wilson’s wife poked fun of their winning talking about how they bought skis on eBay — that is an auction.
Not to mention, $10 million could help low-income communities build jobs, including getting teenagers off the streets. But there are scientists in medicine including technology who probably have made groundbreaking ideas.
These ideas could assist millions of people, like a medical scientist who is trying to discover a vaccine for COVID-19.
Written by David Holmes
Edited by Sheena Robertson
Source:
The Guardian: Theory Specialists Win Nobel Prize by Phillip Inman
Featured and Top image courtesy of Jorge Guillen’s Pixabay Page – Creative Commons License