Two Stanford professors, Paul Milgrom and Robert Wilson, on Monday won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."
Why it matters: New auction formats have been used for radio spectrum, fishing quotas, aircraft landing slots and emissions allowances, Reuters reports.
What they're saying: "The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said.
- The pair has "improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world."
