Nobel Prize in Economics Awarded for Auction Theory
On Monday, economists Paul Milgrom and Robert Wilson were awarded the Nobel Prize in Economics for their work in Auction Theory.
The professors, both from Stanford University, were awarded for their theoretical discoveries on how to improve auctions.
"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," said Peter Fredriksson, chair of the prize committee.
The economists invented new methods of auctioning interrelated objects on behalf of a seller motivated by doing good for society rather than simply achieving the highest price possible.
Image Source: Florian Pircher