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The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics prize administered by the Nobel Foundation. Although not technically a Nobel Prize, which were established by Alfred Nobel's will in 1895, the Prize in Economic Sciences is identified with the award; its winners are announced with the Nobel Prize recipients, and it is presented at the Nobel Prize Award Ceremony. As a result, it is commonly referred to as the Nobel Prize in Economics. The prize was established in 1968 by a donation from Sweden's central bank Sveriges Riksbank to the Nobel Foundation to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation.Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes".In 2020 Paul Milgrom and Robert B. Wilson were awarded the Nobel Memorial Prize in Economic Sciences for their work on auction theory.