2 Stanford economists win Nobel prize for improving auctions Two American economists have won the Nobel Prize for improving how auctions workSTOCKHOLM -- Auctions are everywhere in today’s economy. For helping make auctions run more efficiently, two Americans on Monday won the Nobel prize for economics. The discoveries of Paul R. Milgrom and Robert B. Wilson, both of Stanford University, “have benefited sellers, buyers and taxpayers around the world,” the Nobel Committee said. You’ve won the Nobel Prize.’’ Awakened, Milgrom stammered for a moment and then said: “Wow.’’The two men tackled the tricky problem of making auctions work efficiently. Last week, the Nobel Committee awarded the prize for physiology and medicine for discovering the liver-ravaging hepatitis C virus.

Source: ABC News October 12, 2020 06:05 UTC