The video footage was shared by Stanford University on their Twitter handle which featured an excited Wilson repeatedly ringing the doorbell of Milgrom’ home. When Milgrom finally replies, Wilson delivers the news of Nobel on the intercom.
The moment was also witnessed live by Wilson’s wife who was in Stockholm and had received a doorbell notification on her phone.
The #NobelPrize committee couldn’t reach Paul Milgrom to share the news that he won, so his fellow winner and neigh… https://t.co/sbGMhCNpxP
— Stanford University (@Stanford) 1602505967000
For helping make auctions run more efficiently, two Americans on Monday won the Nobel prize for economics.
The discoveries of Milgrom and Wilson, both of Stanford University, “have benefited sellers, buyers and taxpayers around the world,” the Nobel Committee said.
Wilson, 83, was once Milgrom’s PhD adviser, and the two also happen to be neighbors. Reached by phone at his home in California, Milgrom, 72, said he received news of their win “in a strange way”.
“I got a knock at my door from Bob Wilson,” he told The Associated Press.
Security camera footage at Milgrom’s home captured the moment. Wilson knocked on Milgrom’s door in the dead of night and spoke into the intercom. “Paul,” he said. “It’s Bob Wilson. You’ve won the Nobel Prize.” Awakened, Milgrom stammered for a moment and then said: “Wow”.
The two men tackled the tricky problem of making auctions work efficiently. The committee said Wilson’s work showed “why rational bidders tend to place bids below their own best estimate of the common value” _ which could mean the item goes for less than it’s worth and perhaps not to the buyer who most wants it, neither of which is supposed to happen if the auction is working properly.
(With inputs from agencies)