New Delhi, Oct. 12 -- Nobel Prize in economics goes to Americans Paul R. Milgrom and Robert B. Wilson for auction innovations

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 to

Paul R. Milgrom

Stanford University, USA

Robert B. Wilson

Stanford University, USA

"for improvements to auction theory and inventions of new auction formats"

Their theoretical discoveries have improved auctions in practice

This year's Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies...