Economics prize to US pair

Stockholm: US academics Paul Milgrom and Robert Wilson won the 2020 Nobel Economics prize yesterday for work on auctions hailed as benefiting buyers and sellers around the world of everything from fishing quotas to aircraft landing slots.

Milgrom (72) and Wilson (83) notably came up with formats for selling interrelated items simultaneously. In 1994, US authorities used one of their auction designs to sell radio frequencies to telecom operators, a move since copied in other countries. — Reuters