OREANDA-NEWS. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will be received by the Americans Paul R. Milgrom and Robert B. Wilson. This was announced on October 12 by the Nobel Committee on its Instagram page.

The laureates will be awarded for improvements to auction theory and inventions of new auction formats. Milgrom and Wilson focused their research on developing new formats for products that are difficult to sell in the traditional way, such as radio frequencies. The Nobel Committee noted that their discoveries benefited sellers, buyers and taxpayers around the world.

The award, which is usually called the Nobel Prize in Economics, in fact has no direct relation to Nobel. Unlike all other nominations, it was not created by the bequest of Swedish philanthropist, it was established by the Sveriges Riksbank in honour of its 300th anniversary. The prize is paid at the expense of funds transferred by the Sveriges Riksbank to the Nobel Foundation; the Royal Swedish Academy of Sciences names laureates of the prize.