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Kuwait- Two American scholars win Nobel prize in economics
(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Oct 12 (KUNA) -- The Royal Swedish Academy of Sciences in Stockholm Monday decided to award the Nobel prize in economics to two American scholars for their contributions to auction theory.
The theoretical discoveries of Paul Milgrom and Robert. Wilson from Stanford University have improved auctions in practice, said the Academy in a press release.
They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.
Their discoveries have benefited sellers, buyers and taxpayers around the world, it said.
Milgrom and Wilson will share 10 million Swedish Kroner (USD 1.1 million) in prize money.(end)
nk.hb
The theoretical discoveries of Paul Milgrom and Robert. Wilson from Stanford University have improved auctions in practice, said the Academy in a press release.
They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.
Their discoveries have benefited sellers, buyers and taxpayers around the world, it said.
Milgrom and Wilson will share 10 million Swedish Kroner (USD 1.1 million) in prize money.(end)
nk.hb
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