Stanford economists and Graduate School of Business professors Robert Wilson and Paul Milgrom M.S. ’78 Ph.D. ’79 were awarded the Golden Goose Award for their work applying game theory to telecommunication networks and marketplaces in the United States.

Wilson, professor emeritus of management, and Milgrom, professor of humanities and sciences, worked with colleague R. Preston McAfee, chief economist at Microsoft, to design fairer, more efficient auctions for selling the nation’s telecommunications spectrum.

Their work allowed the Federal Communications Commission to conduct more than 87 auctions and raise $60 billion for the federal government.

The Golden Goose Award is given to researchers whose federally funded, often unusual work results in an important breakthrough or significantly benefits society.

Last year, Alvin Roth, Stanford professor of economics and 2012 recipient of the Nobel Memorial Prize in Economics, was awarded the Golden Goose Award for his application of economic theory to matching markets.

The third annual award ceremony, honoring Wilson, Milgrom, McAfee and other recipients from this year, will be held Sept. 18 on Capitol Hill.