Economists win Nobel prize for work on auction theory

Dr Milgrom, who has recommended Google, Yahoo, Microsoft and governments around the globe, was supervised by his co-winner on his thesis.

Dr Wilson advised a push convention the previous item he acquired at auction was ski boots on eBay. “I guess that’s an auction,” he added.

Earlier winners contain Esther Duflo, Abhijit Banerjee, Michael Kremer, Paul Krugman, Daniel Kahneman, Amartya Sen and Milton Friedman. 

Only two ladies have ever obtained the prize, really worth $1.1m (£844,123), which Dr Milgrom and Dr Wilson will split.

Peter Fredriksson, chair of the prize committee, mentioned: “This year’s laureates in economic sciences started out with basic idea and later used their success in realistic purposes, which have unfold globally. Their discoveries are of wonderful advantage to modern society.”