Paul Milgrom and Robert Wilson won the Nobel Economics 2020 for their work on auctions on Monday. Getting an insight of the two economists, there is an explanation how bidders look to avoid over-paying and how things go when bidders get a better perception of their competitors’ sense. Auctions take place often and affect the lives of all. The Economic Science Laureates improved auction theory and tried inventing new auction formats benefitting buyers, sellers and taxpayers from every corner of the world. The economists stated that their design has been used across the world to allocate more than $100 billion of licenses.
Read More at REUTERS