[Source: Washington Post] Two economists from Stanford University were awarded the Nobel Prize for economics on Monday for their research into auctions.

In Stockholm, the Royal Swedish Academy of Sciences said Paul Milgrom, a professor of humanities and sciences, and Robert Wilson, an emeritus professor of management at the Stanford Graduate School of Business, had done pioneering work in auction theory, which helped develop better real-world transactions in transactions as diverse as home-buying and government sales of radio spectrum. The ceremony was live-streamed to a global audience on the institution’s website.