Tommy Andersson, member of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences, attends a news conference in Stockholm, Sweden 12 October, 2020.
Tommy Andersson, member of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences, attends a news conference in Stockholm, Sweden 12 October, 2020.Reuters

US economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said on Monday.

"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said in a statement.

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The 10-million-Swedish-crown ($1.14 million) economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was established by Sweden's central bank and first awarded in 1969.