Nobel Prize 2020 in Economics awarded to Paul Milgrom and Robert Wilson for Improvements in Auction Theory

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Americans Paul R Milgrom and Robert B Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats. Earlier, the literature prize was awarded to American poet Louise Glück for her “candid and uncompromising” work. The World Food Programme won the Nobel Peace Prize on Friday for its effort to combat hunger worldwide. The Nobel Committee has awarded the prize for physiology and medicine to two Americans and a British scientist for their contribution in identifying the Hepatitis C virus, which causes cirrhosis and liver cancer. On Tuesday, the prized for physics honoured breakthroughs in understanding the mysteries of cosmic black holes by three scientists– British, German, and an American astrophysicist. The Nobel prize in Chemistry was awarded on Wednesday to two women scientists behind a powerful gene-editing tool. They become the sixth and seventh women to win a Nobel for chemistry, joining the like of Marie Curie (1911) and Frances Arnold (2018). The prizes have been institutionalised in memory of ALFRED Nobel (1833-1896), a Swedish chemist, engineer, inventor, businessman, and philanthropist. He held 355 different patents, dynamite being the most famous. The synthetic element nobelium was named after him. He owned Bofors  which he had turned into a major manufacturer of cannon and other armaments. Having read a premature obituary which condemned him for profiting from the sales of arms, he bequeathed his fortune to institute the Nobel Prize.“The winners were announced Monday in Stockholm by Goran Hansson, secretary-general of the Royal Swedish Academy of Sciences. The award caps a week of Nobel Prizes at a time when much of the world is experiencing the worst recession since World War II because of the impact of the coronavirus pandemic. The award was instituted in 1969 and is now widely considered one of the Nobel prizes in memory of Alfred Nobel. In 2019, the award for the Nobel prize in economics went to India born Abhishek Banerji, his spouse Esther Duflo and Michael Kramer for their ground-breaking research into efforts to reduce global poverty. Along with enormous prestige, the prize comes with a 10-million-krona ($1.1 million) cash award and a gold medal to be handed out at a ceremony in Oslo, Norway, on December 10, the anniversary of prize founder Alfred Nobel’s death anniversary. Image courtesy to

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