Milgrom and Wilson share economics Nobel Prize

Nobel prize
Flickr/Adam Baker

Stanford University professors Paul Milgrom and Robert Wilson share this year’s Nobel Prize for economics, the Royal Swedish Academy of Sciences revealed today (October 12).

Milgrom and Wilson are known for their work combining game theory and auction design. Their methods have been used in the US since 1995 to auction radio frequencies, raising billions of dollars for the US Treasury and – arguably – creating an efficient market for a good that was previously difficult to price.

The aim of

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