Question

During the year 2020, Dr. Paul Milgrom and Dr. Robert B. Wilson received Nobel Prize in Economy for:

• A. New Financial Policy
• B. New Telly Software
• C. New Economic Policy
• D. New Auction Format

Hint:

Robert Wilson and Paul Milgrom are pioneers of modern Auction Theory. Associate their 2020 Nobel prize directly with "New Auction Format."

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
General knowledge of outstanding contributions in economics, particularly regarding resource allocation and auction formats, is often tested in agricultural economic services exams.

Step 2: Detailed Explanation:
Dr. Paul Milgrom and Dr. Robert B. Wilson were awarded the Nobel Memorial Prize in Economic Sciences in October 2020.
They received the prize "for improvements to auction theory and inventions of new auction formats."
Their work helped design optimal auction formats for selling complex public goods (like radio spectrum frequencies).

Step 3: Final Answer:
The correct option is (D).