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Royal Swedish Academy of Sciences awarded this year’s Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — popularly, albeit incorrectly, referred to as the Nobel Prize for Economics — to Paul R Milgrom and Robert B Wilson. Both winners are currently with Stanford University, where they teach in different departments. They both have worked extensively on auction theory and new auction formats. What is auction theory, and what was the 'winner's curse' research? How it reminds of a dialogue of Shahrukhan's popular movie Bazigar.