This year’s Economics Award in Memory of Alfred Nobel will be awarded to American economists Paul R. Milgrom and Robert B. Wilson.
The Royal Swedish Academy of Sciences revealed the winners in Stockholm on Monday.
Both prize winners have worked with what is called auction theory.
They have also developed new types of auctions for goods and services that cannot be sold in a traditional way.
Both award winners work at the prestigious Stanford University in the United States.
The Economics Prize is formally called Sveriges Riksbank’s Prize in Economic Science in Memory of Alfred Nobel.
It was established by the Swedish central bank in 1968 but is often regarded as one of the Nobel Prizes.
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