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Tommy Andersson, a member of the Nobel committee, at today’s announcement in Stockholm. Photo: Anders Wiklund/TT News Agency/AFP via Getty Images

Two Stanford professors, Paul Milgrom and Robert Wilson, on Monday won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."

Why it matters: New auction formats have been used for radio spectrum, fishing quotas, aircraft landing slots and emissions allowances, Reuters reports.

What they're saying: "The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said.

  • The pair has "improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world."

Go deeper

36 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

The perils of organizing underground

Illustration: Aïda Amer/Axios

Researchers see one bright spot as far-right extremists turn to private and encrypted online platforms: Friction.

Between the lines: For fringe organizers, those platforms may provide more security than open social networks, but they make it harder to recruit new members.

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