RECOGNIZING PROFESSORS PAUL R. MILGROM AND ROBERT B. WILSON, LAURATES OF THE NOBEL PRIZE IN ECONOMIC SCIENCES; Congressional Record Vol. 166, No. 182
(Extensions of Remarks - October 23, 2020)
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[Extensions of Remarks]
[Page E986]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
RECOGNIZING PROFESSORS PAUL R. MILGROM AND ROBERT B. WILSON, LAURATES
OF THE NOBEL PRIZE IN ECONOMIC SCIENCES
______
HON. ANNA G. ESHOO
of california
in the house of representatives
Friday, October 23, 2020
Ms. ESHOO. Madam Speaker, I ask my colleagues to join me in honoring
two of my distinguished constituents who are this year's recipients of
the Nobel Memorial Prize in Economic Sciences, Stanford University
Professors Paul R. Milgrom and Robert B. Wilson. The Sveriges Riksbank
Prize in Economic Sciences in Memory of Alfred Nobel, more commonly
known as the Nobel Prize in Economics, is given by the Royal Swedish
Academy of Sciences in Stockholm and was established in 1968, joining
the five original prizes established by Alfred Nobel in his 1895 will.
Professors Milgrom and Wilson are being honored for their
extraordinary contributions to the field of economics in game theory,
specifically for ``improvements to auction theory and inventions of new
auction formats.'' They are best known for developing the simultaneous
ascending auction in 1994 for the Federal Communications Commission to
better allocate licenses for the public's airwaves (also known as
spectrum). Since then, spectrum auctions have generated over $100
billion for the U.S. Treasury and expanded connectivity for millions of
Americans. Their contributions to auction theory have implications in a
broad range of subjects beyond spectrum allocation, including real-time
bidding for internet ad delivery, fishing quotas, and the renewable
energy market.
Both professors have had distinguished careers. Professor Milgrom is
the Shirley and Leonard Ely Professor of Humanities and Sciences in the
Department of Economics at Stanford University, and he is a Professor,
by courtesy, at both the Department of Management Science and
Engineering and the Graduate School of Business. He is also a member of
the National Academy of Sciences, a Fellow of the American Academy of
Arts and Sciences, and Senior Fellow at the Stanford Institute for
Economic Policy Research. Professor Milgrom holds a Bachelor's degree
from the University of Michigan, and earned a Master's and Doctorate
degree from Stanford.
Professor Wilson is the Adams Distinguished Professor of Management,
Emeritus, at the Stanford Business School. He is also a member of the
National Academy of Sciences and a Fellow and Council Member of the
Econometric Society. He earned a Bachelor's, Master's, and Doctorate
degrees from Harvard, and he has received honorary degrees from the
University of Chicago and the Norwegian School of Economics.
Madam Speaker, I ask the entire House to join me in congratulating
Paul R. Milgrom and Robert B. Wilson on receiving this most prestigious
award, recognizing their contribution to the design of pioneering
auctions that have impacted economic practices around the world. It's
my privilege to represent them, pay tribute to their brilliance, and
thank them for making every American exceedingly proud of their
accomplishments.
