US economists Paul Milgrom and Robert Wilson were awarded the Nobel prize in economic science, but many in the profession would like to see more women and people of colour recognised at every level [File: Nobel Media. Ill. Niklas Elmehed]

United States economists Paul Milgrom and Robert Wilson were awarded the Nobel prize in economic science on Monday for their work on auction theory – a body of work that influences how prices are set for things such as radio spectrum that underpins telecommunications, including your smartphone.

It is a stunning achievement that acknowledges an economic theory that touches billions of lives. But this year’s award – like most years – is also an opportunity to explore the lack of diversity within the

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