The 2020 Nobel Prize in Economic Sciences has been announced. American economists Paul Millgrom and Robert Wilson received the award.
The Nobel Prize-winning committee said the award was given to both for their reform of auction theory and for their discovery of new auction structures.
The panel also found that Milgrom and Wilson's inventions were useful to sellers, consumers, and taxpayers around the world. The couple will receive approximately 1.1 million dollars in prize money.