Two economists share 2020 Nobel Prize in Economics

The 2020 Nobel Prize in Economics was awarded to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats," the Royal Swedish Academy of Sciences announced here on Monday.

   Milgrom and Wilson have studied how auctions work, and 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, the Royal Swedish Academy of Sciences said in a statement.

   Their discoveries have benefited sellers, buyers and taxpayers around the world, it said.

   The prize, totalling 10 million Swedish kronor (about 1.14 million U.S. dollars), will be shared equally between the two laureates.