Two American economists have been awarded this year’s Nobel Prize in Economics.
According to the Swedish Academy of Sciences, Paul R. Milgrom and Robert B. Wilson were named to be awarded this year’s Nobel Prize in Economics announced on Monday.
The decision to award to the professors at Stanford University of the United States was for an honor to their research works on how the process of action works to improve the auction theory and inventing a new auction format that will benefit the society, said the Swedish Academy of Sciences.
“They have contributed to the development of new action processes for goods and services (such as radio frequencies) that are difficult to sell in the traditional way, and the discovery of these research works is said to have facilitated sellers, buyers and taxpayers around the world,” said the Swedish Academy and added that in the auction process, goods are sold to those who are willing to pay a higher price, while those bought at a lower price.
