Who Are 2020's Nobel Prize in Economics Winners?

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The whole world is trying to get a hold of you to give you good news, but you are sleeping with your phone turned off. 

This is exactly what happened to one of the Nobel Prize Winners in Economics.

On Monday, The Royal Swedish Academy of Sciences revealed the name of two awardees for this year's Nobel Prize in Economics. They are two American economists Paul R. Milgrom and Robert B. Wilson - both Stanford University professors.

The funny thing is while one award winner Robert B. Wilson, 83, was busy answering calls to people congratulating him on winning, another awardee Paul R. Milgrom, 72, was nowhere to be found.

Luckily, Wilson and Milgrom, are not just friends but they also live across the street from each other. So Wilson had to literally go to his friend's house to deliver the good news.

"He has turned his phone off to get a good night sleep so somebody had to wake him," said Robert Wilson, while being phone-interviewed by the NobelPrize.org. "He was across the street so I just walked over and knocked on the door."

The duo were recognized for “improvements to auction theory and inventions of new auction formats."

"This year's Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” said Peter Fredriksson, chair of the prize committee.

The committee said that they have also designed new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.

Another interesting fact about these friends is that one was actually the student of the other.

"I always thought of him (Paul R. Milgrom) a leader in all of this," Wilson said. "I take a great pride on him because he was my Phd student so I take a lot of pride."

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