China News Service, October 12th. According to the official website of the Nobel Prize, at noon on the 12th local time, the Royal Swedish Academy of Sciences awarded the 2020 Nobel Prize in Economics to Paul R. Milgrom and Robert Wilson. Robert B. Wilson), in recognition of their "improvement of auction theory and invention of new auction formats".

Image source: Screenshot of Nobel Prize social media account

　　Although the Nobel Prize in Economics is the "youngest" Nobel Prize, the average age of the winners of this prize is about 67 years old.

The American economist Hévíquez is the oldest recipient of the Economics Prize, at the age of 90.

　　In addition, there are only two women among the Nobel Prize winners in economics.

In 2019, the French-American economist Duflo, who won the award together with two other economists, is the youngest winner of the Nobel Prize in Economics since its establishment in 1969 and the second female winner.

The American economist Ostram, who won the award in 2009, was the first female winner.

Nobel Prize Medal.

Image source: Screenshot of Nobel's official website

　　The following is the list of Nobel Prize winners in economics in the past 10 years, and their main achievements:

　　-2019

　　Abigail Banagher, Professor of International Economics in India, Esther Duflo, Professor of Development Economics at the Massachusetts Institute of Technology, and Michael Kramer, an American Development Economist and Harvard University Professor The Nobel Prize in Economics in recognition of their "experimental practices in reducing global poverty."

　　——2018

　　William Nordhaus of Yale University in the United States and Paul Romer of New York University were awarded the honor for their contributions to the introduction of technological innovation and climate change into the analysis framework of long-term macroeconomic models.

　　——2017

　　American economist Richard Taylor was awarded for his contribution to behavioral economics.

Through research and exploration of the consequences of limited rationality, social preferences, and lack of control, Taylor proved how human traits influence individual decisions and thus influence market effects.

Data map: American economist Oliver Hart, one of the winners of the 2016 Nobel Prize in Economics, displayed the award at the award ceremony.

　　——2016

　　Oliver Hart of Harvard University and Benguet Horstrom of MIT received the Nobel Prize in Economics for their contributions to contract theory.

　　——2015

　　Angus Deaton, an economist with dual citizenship in the United Kingdom and the United States, won the Nobel Prize in Economics for his research on consumption, poverty and welfare.

Data Map: On October 12, 2015, Goeran K Hansson, Permanent Secretary of the Royal Swedish Academy of Sciences announced that Angus Deaton, who has dual citizenship in the United Kingdom and the United States, won the Nobel Prize in Economics.

　--Year 2014

　　Jean Tirole, a French economist known as the contemporary "genius economist", won the award for his contributions to the study of market power and regulation, breaking the phenomenon that American economists have monopolized economic awards for many years.

　--year 2013

　　American economists Eugene Fama, Lars Peter Hansen, and Robert Schiller won awards for their remarkable achievements in empirical analysis of asset prices.

The selection committee pointed out that their research results laid the foundation for people's current understanding of asset prices. Asset prices depend on fluctuation risks and risk attitudes on the one hand, and on the other hand they are also related to behavioral deviation and market friction.

　　--2012

　　The Nobel Prize in Economics was awarded to American economists Alvin Roth and Lloyd Shapley for their contributions to the "Stable Matching Theory and Market Design Practice".

Shapley's research focuses on how to make the two parties unwilling to break the current match state in order to maintain the stability of the match.

Through a series of studies, Roth found that "stability" is a key factor in understanding the success of a particular market mechanism.

　--year 2011

　　Christopher Sims of Princeton University and Thomas Sargent of New York University jointly won the award.

Sims' research on the role of short-term economic policies reflects his concern for the effects of macroeconomic policies.

As a leader of the rational expectations school, Sargent has made considerable achievements in the research fields of the role of expectations in macroeconomic models, and the relationship between dynamic economic theory and time series analysis.

　　--year 2010

　　American economists Peter Diamond and Dale Mortensen, and economist Christopher Pisarides, who has dual citizenship in the UK and Cyprus, won awards for their analysis of the theory of "how economic policy affects the unemployment rate".

The three people's theory can explain economic phenomena such as "why many people are still unemployed when there are many job vacancies."

The economic model built by the trio also helps people understand "how regulations and economic policies affect unemployment, job vacancies and wages."