The 2020 economics Nobel prize went to the American pair Paul Milgrom and Robert Wilson “for improvements to auction theory and inventions of new auction formats”, including the sorts of auctions governments use to allocate natural resources and telecommunications licenses. From the perspective of the Gulf countries’ science policy, there is a deeper lesson in the form of linkages between the private sector and universities, and it comes at an important time, when depressed oil prices are accentuating the need for Gulf economies to elevate their homegrown levels of innovation.
The 17th century English philosopher and scientist Francis Bacon. (Twitter)
Professors Robert B. Wilson and Paul R. Milgrom of Stanford University react to winning the 2020 Nobel Prize for Economics, in Stanford, California, US, October 12, 2020.
A photo showing Saudi students at King Saud University in Riyadh. (File photo: AFP)