Americans Paul R. Milgrom and Robert B. Wilson win economics Nobel for improving auction theory

STOCKHOLM (AP) — Two American economists have won the Nobel Prize for improving how auctions work. That research underlies much of today’s economy — from the way Google sells advertising to the way the government sells off the public airwaves to telecoms companies. The Nobel Committee said the work of Paul R. Milgrom and Robert B. Wilson have benefited sellers, buyers and taxpayers around the world. Both are based at Stanford University. Monday’s award caps off this year’s Nobel prizes. The men are not just colleagues — but also neighbors. Milgrom said he learned of the prize when Wilson knocked on his door.