STOCKHOLM (AP) — Two American economists won the Nobel Prize on Monday for improving the theory of how auctions work and inventing new and better auction formats that are now woven into many parts of the economy.

The discoveries of Paul R. Milgrom and Robert B. Wilson “have benefitted sellers, buyers, and taxpayers around the world,” the Nobel Committee said, noting that the auction formats developed by the winners have been used to sell radio frequencies, fishing quotas, and airport landing slots.