The names of the winners of the Nobel Prize in Economics were announced in Stockholm. They were American scientists and teachers of Stanford University – 72-year-old Paul Milgrom and 73-year-old Robert Wilson. They were awarded the prize for “improving the theory of auctions”.

Scientists have discovered new auction formats designed for goods and services that are difficult to sell in a traditional way because their value is difficult to determine, for example, radio frequencies or mineral deposits.

This has brought great benefits to sellers, buyers and taxpayers around the world.

To date, 84 scientists have been awarded the Nobel Prize in Economics. Among them were two women.