Paul R Milgrom and Robert B Wilson win 2020 Nobel Prize in Economics

Paul R. Milgrom and Robert B. Wilson on Monday were awarded the Nobel Prize in Economics for "improvements to auction theory and inventions of new auction formats.” 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. Auctions are everywhere and affect our everyday lives, said the committee.