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In this Monday, Oct. 12, 2020 photo provided by Stanford University, Robert Wilson, left, and Paul Milgrom stand for a photo in Stanford, Calif. The two American economists, both professors at Stanford, won the Nobel Prize in Economics for improving how auctions work. That research that underlies much of today's economy — from the way Google sells advertising to the way telecoms companies acquire airwaves from the government. (Andrew Brodhead/Stanford News Service via AP)

2 Stanford economists win Nobel prize for improving auctions

Oct. 12, 2020 4:54 PM EDT

STOCKHOLM (AP) — Auctions are everywhere in today’s economy. They determine how Google sells ads, what price consumers end up paying for electricity, and the way governments sell off the public airwaves to telecom companies and broadcasters. For helping make auctions run more efficiently, two...