New Delhi: The Nobel Prize in Economic Sciences on Monday was awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”

The prize, called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the last of the Nobel awards to be announced this year.

“The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson ‘for improvements to auction theory and inventions of new auction formats’,” the academy tweeted.

BREAKING NEWS:
The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”#NobelPrize pic.twitter.com/tBAblj1xf8

— The Nobel Prize (@NobelPrize) October 12, 2020

“This year’s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. 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 benefitted sellers, buyers and taxpayers around the world,” the academy said.

The award comes with a 10-million krona ($1.1 million) cash prize and a gold medal.

The economics prize has been given to 84 individuals between 1969 and 2019. Only two women have been recipients to date, according to NBC.

The coveted Nobel Peace Prize was awarded on Friday to the United Nations World Food Program for its efforts to combat hunger and food insecurity around the globe.