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2 Americans awarded Nobel prize in economics for work on auction theory

2 Americans awarded Nobel prize in economics for work on auction theory
Posted at 6:46 AM, Oct 12, 2020
and last updated 2020-10-12 06:46:59-04

STOCKHOLM — Americans Paul R. Milgrom and Robert B. Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.”

The Nobel Committee said their discoveries have benefitted sellers, buyers and taxpayers.

Monday's award comes as much of the world experiences the worst recession since World War II because of the impact of the coronavirus pandemic.

The award caps a week of Nobel Prizes and is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Since its establishment in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes.