Written bySiddhant Pandey
The American duo was awarded "for improvements to auction theory and inventions of new auction formats," the statement said.
Milgrom (72) and Wilson (83) of Stanford University "used their insights to design new auction formats" for goods/services that are difficult to sell in a traditional way.
"Their discoveries have benefitted sellers, buyers, and taxpayers around the world," the statement added.
The winners will share the prize sum of 10 million Swedish kronor (about $1.1 million or Rs. 8.3 crore).
Peter Fredriksson, the chair of the Prize Committee, said, "This year's Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society."
Notably, the Economics prize is often dubbed a "false Nobel" as it was not originally chosen by Alfred Nobel—the creator of the famous Nobel Prizes—in his will, which included Medicine, Physics, Chemistry, Literature, and Peace.
Last year, the honor had been conferred to French-American Esther Duflo, Indian-born Abhijit Banerjee of the US, and American Michael Kremer for their experimental work on alleviating poverty.
Under normal circumstances, the winners would be awarded the Nobel from King Carl XVI Gustaf at a formal ceremony in Stockholm on December 10.
However, due to the coronavirus pandemic, it has been replaced with a televised ceremony.
Women have been more prevalent this year, especially with Emmanuelle Charpentier and Jennifer Doudna becoming the first all-female duo to win a Nobel in Science field.
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