US economists win Nobel Prize for auction theory

This year's Nobel Prize in Economics has been awarded to a pair of US researchers at Stanford University.

The Royal Swedish Academy of Sciences on Monday decided to award the Sveriges Riksbank Prize in Economic Sciences jointly to Paul R. Milgrom and Robert B. Wilson for improvements to auction theory and inventions of new auction formats.

The academy says they are being recognized for research that has improved auction theory leading to the invention of new auction formats.

It says, "their discoveries have benefitted sellers, buyers and taxpayers around the world."

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