"The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said in a statement.
"Auctions are everywhere and affect our everyday lives. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world," the Nobel Prize's official website tweeted.
The economics prize was the final of the six awards.
The traditional gala winners' dinner in December has been canceled and other parts of the celebrations are being held digitally to avoid the risk of spreading coronavirus.