Two American economists Paul R Milgrom and Robert B Wilson jointly won this year's Nobel Prize in Economics. Both economists are based at Stanford University in California. The announcement was made in Stockholm today. <br />”<br />”Paul Milgrom and Robert Wilson were chosen for the Nobel Prize in Economics for improvements to auction theory and inventions of new auction formats.<br />”<br />”The Royal Swedish Academy of Sciences said, the new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society. The unusual feature of this example is that the same people developed the theory and the practical applications.<br />”<br />”<span style="color: #222222;">Technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1969 and is now widely considered one of the Nobel prizes.</span><br />