2 Stanford economists win Nobel prize for improving auctions

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Winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 at a press conference in Stockholm, Monday Oct. 12, 2020. Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.”

AP

Two American economists won the Nobel Prize for improving how auctions work, research that underlies much of today’s economy — from the way Google sells advertising to the way telecoms companies acquire airwaves from the government.

The discoveries of Paul R. Milgrom and Robert B. Wilson, both of Stanford University, “have benefitted sellers, buyers and taxpayers around the world,” the Nobel Committee said.

Wilson was once Milgrom’s Ph.D. adviser, and the two also happen to be neighbors. Reached by phone at his home in California, Milgrom said he received news of their win

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