Robert Wilson is an auction theorist and American economist who won the 2020 Nobel Memorial prize for improving the way auctions worked in America.
According to experts, their research helped the way the economy functioned and they have improved everything from the way Google and TV networks sell the advertisement slots to how digital auctioneering works. Robert Wilson and his partner Paul R. Milgrom won the prize for their incredible contribution to economics.
|Birthday||May 16, 1937|
|Profession||Economist, Professor, Managerial Scientist|
|Net Worth||$1 million to $5 million|
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BREAKING NEWS The Royal Swedish Academy of Sciences has decided to award the 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.” This year’s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world. Using auction theory, researchers try to understand the outcomes of different rules for bidding and final prices, the auction format. The analysis is difficult, because bidders behave strategically, based on the available information. They take into consideration both what they know themselves and what they believe other bidders to know. Robert Wilson developed the theory for auctions of objects with a common value – a value which is uncertain beforehand but, in the end, is the same for everyone. Examples include the future value of radio frequencies or the volume of minerals in a particular area. Wilson showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse – that is, about paying too much and losing out. Paul Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder. He analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other’s estimated values during bidding. For more information see link in bio #NobelPrize #NobelLaureate #NobelPrize2020 #economicsciences #economics
10 Facts About Robert Wilson
- Robert Wilson’s Wiki page is being updated and is incomplete but you can read all about him from the facts here.
- Robert Wilson is married and has a wife, in fact, he has said she inspired him to come up with his auction theory. However, there is not much information about her in the media.
- Robert has a net worth in the range of $1 million to $5 million but the exact information is yet to be released in the public domain.
- The economist won the Nobel Prize in Economics in 2020, alongside Paul R. Milgrom. He came up with the initial theory of auctioneering and Milgrom generalized it. They improved the auction theory and even invented new formats of auctions.
- Both of their families will be present when they receive the Nobel Prize.
- He has chosen not to disclose any information about his religion or faith, he has remained secretive when it comes to his religious background.
- As for his nationality, he was born in Geneva, Nebraska, U.S. and is an American. Similarly, he has Mixed ethnicity with primarily Caucasian roots.
- He is also a professor at Stanford University and had already gathered the attention of the world through his research.
- Robert B. Wilson was born on May 16, 1937, and is aged 83 as of October 2020.
- He is a graduate of Harvard University. In fact, he has 3 degrees from the revered institution.