Americans Milgrom, Robert B Wilson win Nobel prize in economics

Stockholm, Oct 12: Americans Paul R Milgrom and Robert B Wilson have won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."

The winners were announced Monday in Stockholm by Goran Hansson, secretary-general of the Royal Swedish Academy of Sciences.

The award comes as much of the world experiences the worst recession since World War II because of the impact of the coronavirus pandemic.

The award caps a week of Nobel Prizes and is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Since its establishment in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes