Nobel Prize-Winning US Professor in 'Auction Theory': Has He Ever Participated in an Auction?..."Buying Ski Boots"

Professor Emeritus Wilson "Very Pleased" Remarks
Invented 'Frequency Auction Method'...Theory Development
"Never Auctioned → Bought Ski Boots" Incident

The Royal Swedish Academy of Sciences' Nobel Committee announced this year's Nobel Prize in Economic Sciences winners at a press conference in Stockholm on the 12th (local time). The screen displays the faces of the co-recipients, American economists Paul Milgrom (left) and Robert Wilson (right). (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Robert Wilson, Professor Emeritus at Stanford University (83), who was awarded this year's Nobel Prize in Economics for his contributions to the development of auction theory, initially said he had no experience with auctions but soon corrected himself by saying he once bought ski boots from an online auction site.

On the 12th (local time), the Royal Swedish Academy of Sciences Nobel Committee selected Professor Wilson and Professor Paul Milgrom (72) from the same university as this year's Nobel Prize in Economics laureates.

Professor Wilson expressed his feelings in a phone conference with reporters immediately after receiving the award, saying, "It is very good news and I am happy."

Receiving the call from the Nobel Committee at his home in California, USA, he said, "It is very early morning here," and when asked if he had thought about how to celebrate the award, he replied, "Not at all. I haven't even thought about it."

When asked by reporters, "What was the last item you purchased at an auction?" he answered, "I have never directly participated in an auction," which caused some laughter in the room.

However, Professor Wilson soon added, "My wife just told me that we once bought ski boots together on eBay (an online auction site)," and said, "I consider that an auction." This again caused some laughter in the room.

When asked how he would use the Nobel Prize money, he said, "There is nowhere particular to spend it during the pandemic (global outbreak)," and added, "I think I will save it for my wife and children and wait for another time."

Professor Wilson was born in Nebraska in 1937 and earned his Ph.D. from Harvard University. He has been teaching students at Stanford University since 1964 and is currently a Professor Emeritus.

Professors Wilson and Milgrom are famous for devising the frequency auction method. Using this auction method, the goal can be broad social benefits rather than profit maximization.

The Nobel Committee explained the reason for their award, saying, "Auctions take place everywhere and affect our daily lives," and "Milgrom and Wilson improved auction theory and invented new forms of auctions that benefit sellers, buyers, and taxpayers worldwide."

This content was produced with the assistance of AI translation services.