Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work - business live

Rolling coverage of the latest economic and financial news, as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is awarded

• Paul Milgrom and Robert Wilson win!
• Preamble: Nobel prize for Economics
• Some possible winners....

Earlier:

• CEBR: UK unemployment heading towards 3m by Christmas
• IPPR: Government should reshape job support scheme
• 1.5m jobs at risk as Covid-19 restrictions continue

11.29am BST

Q: how has the internet changed the world of auctions?

It's changed it very profoundly", Robert Wilson replies. Thanks to the Internet, auctions are run on a continual basis by various enterprises.

11.23am BST

Robert Wilson is on a rather crackly phone now (he's based at Stanford University in California, where it's 3am!)

Q: How are you feeling about your win?

It's very happy news, We're very glad about it.... It's very early in the morning here.....

It you look at an advertisement from a search engine - that advertisement was probably sold at an auction

It's something that you encounter a lot, but I'm not myself much of a participant in auctions.

My wife points out to me that we bought some ski boots on eBay. I guess that was an auction.