09:14 GMT25 October 2020
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    According to the jury, the duo was honoured "for improvements to auction theory and inventions of new auction formats."

    American economists Paul Milgrom and Robert Wilson have won the Nobel Economics Prize for their work on commercial auctions, the Nobel Committee announced. 

    Milgrom, 72, and Wilson, 83, will share the prize sum of 10 million Swedish kronor (about $1.1 million).

    In 2019, the prize went to French-American Esther Duflo, Indian-born Abhijit Banerjee of the US, and American Michael Kremer for their experimental work on alleviating poverty.

    Nobel Prize in Economics, Nobel Prize
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