The winners of the State Bank of Sweden’s Nobel Prize in Economics were Americans Paul Milgrom and Robert Wilson “for improvements to auction theory and inventions of new auction formats.” The award this award traditionally closes the Nobel week.

“This year’s winners Paul Milgrom and Robert Wilson studied how auctions work. They also used their findings to create new auction formats for goods and services that are difficult to trade in the traditional form. Their discoveries have benefited sellers, buyers, and taxpayers around the world,” the Nobel Committee said in a statement.

Earlier, the Nobel Committee announced the names of laureates in the fields of physiology and medicine, physics and chemistry, literature and peace.

The prize for Economics was established by the Swedish State Bank in 1968, it does not belong to the main five stipulated by Nobel himself in his will in 1895. It is awarded by the Royal Academy of Sciences.

Nobel prizes are awarded for outstanding scientific research, revolutionary inventions, and significant contributions to the development of culture or society. They are named after their founder, Alfred Nobel.