(CNN) -
Americans Paul Milgrom and Robert Wilson won the 2020 Nobel Prize in Economics "for their improvements in auction theory and the invention of new formats of auction theory."
This was announced by the Swedish Academy on Monday.
"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," says the Nobel website.
He added that: “The unusual feature of this example is that the theory and practical applications were developed by the same people.
The award winners 'pioneering research on auctions has therefore been of great benefit to buyers, sellers and society at large.'
Nobel Laureates 2020
These have been the winners of the Nobel Prize in Medicine, Physics, Chemistry, Literature and Peace:
2020 Nobel Peace Prize awarded to World Food Program
American poet Louise Glück wins 2020 Nobel Prize in Literature
Nobel Prize in Chemistry for the development of a method for genome editing
Shared Nobel Prize in Physics awarded for discoveries about black holes
Nobel Prize in Medicine awarded for discovery of hepatitis C virus
Nobel Prize in Economics
