Two American professors have been awarded the Nobel Prize for economic sciences for their work on how auctions function, a field that impacts everything from high-end art prices to consumers' electricity bills.

Paul R. Milgrom and Robert B. Wilson were honored “for improvements to auction theory and inventions of new auction formats," Secretary General Göran Hansson for the Royal Swedish Academy of Sciences said during the announcement in Stockholm on Monday.

Milgrom and Wilson's discoveries have "benefitted sellers, buyers and taxpayers around the world," the prize committee added in a statement.https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com https://www.google.com/url?sa=t&url=http%3A%2F%2Fthefitscene.com 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