[Congressional Record Volume 166, Number 182 (Friday, October 23, 2020)]
[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.