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Congratulations to Paul Milgrom and Robert Wilson from Stanford University for winning the 2020 Nobel Prize in Economics for "for improvements to auction theory and inventions of new auction formats."
The contributions to auction theory by Milgrom and Wilson have significantly improved our understanding of how auctions (and other marketplaces) work. Many of the auction designs proposed by them have been successfully deployed in practice. Most famously, they have designed multiple new auction formats for the sale of radio frequency licenses, and these auctions have been used by many governments around the world to conduct multi-Billion dollar spectrum auctions. See here for the official press release.
Members of the Center for Market Design explain the relevance of the work of Paul Milgrom and Robert Wilson: