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Nobel Prize In Economics Goes To Paul R Milgrom, Robert B Wilson For Improvements To Auction Theory

STOCKHOLM — Americans Paul R. Milgrom and Robert B. Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.”

The winners were announced Monday in Stockholm by Goran Hansson, secretary-general of the Royal Swedish Academy of Sciences.

The award caps a week of Nobel Prizes at a time when much of the world is experiencing the worst recession since World War II because of the impact of the coronavirus pandemic.

Technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1969 and is now widely considered one of the Nobel prizes.

Last year’s award went to two researchers from the Massachusetts Institute of Technology and a third from Harvard University, for their groundbreaking research into efforts to reduce global poverty.

Few economists could have predicted last fall that the globe would come to a virtual standstill within months, as governments closed their borders, imposed lockdowns and ordered other measures to stop the spread of COVID-19, triggering a sharp dip in business activity worldwide.

The prestigious award comes with a 10-million krona ($1.1 million) cash prize and a gold medal.

On Monday, the Nobel Committee awarded the prize for physiology and medicine for discovering the liver-ravaging hepatitis C virus. Tuesday’s prize for physics honored breakthroughs in understanding the mysteries of cosmic black holes, and the chemistry prize on Wednesday went to scientists behind a powerful gene-editing tool.

The literature prize was awarded to American poet

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Paul R Milgrom and Robert B Wilson Awarded the Honour for Improvements to Auction Theory

Stockholm, October 12:  The Nobel Prize in Economic Sciences 2020 was awarded to Paul R Milgrom and Robert B Wilson for improvements to auction theory and inventions of new auction formats. The duo have been awarded the honour as their theoretical discoveries have improved auctions in practice. This year’s Laureates, Milgrom and Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world. Nobel Prize in Physics 2020 Winners: Roger Penrose, Reinhard Genzel and Andrea Ghez Receive The Honour For Their Discoveries on Black Hole.

Also Read | Louise Glück Wins Nobel Prize in Literature 2020: Here Are 5 Popular Quotes by the American Poet

“This year’s Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” says Peter Fredriksson, chair of the Prize Committee. Nobel Peace Prize 2020 Winner: World Food Programme Receives The Honour For Combating Hunger.

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Also Read | Nobel Peace Prize 2020 Winner: World Food Programme Receives The Honour For Combating Hunger

Auction Theory 

Using auction theory, researchers try to understand the outcomes of different rules for bidding and final prices, the auction format. The analysis is difficult, because bidders behave strategically, based on the available information. They take into consideration both

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Economics Nobel goes to Paul R. Milgrom, Robert B. Wilson for their work on auction theory

This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefitting sellers, buyers and taxpayers around the world,” the academy said.

The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”

“Auctions are everywhere and affect our everyday lives. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefitting sellers, buyers and taxpayers around the world,” the academy said.

Robert Wilson developed the theory for auctions of objects with a common value – a value which is uncertain beforehand but, in the end, is the same for everyone. Mr. Wilson showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse – that is, about paying too much and losing out.

Paul Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder. He analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other’s estimated values during bidding.

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A bust of Alfred Nobel at the Karolinska Institute in Stockholm on October 5, 2020.

 

The award caps a week of Nobel Prizes and is technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Since its establishment in 1969, it has been awarded 51 times and is now widely considered one of the Nobel prizes.

Last year’s award went to two researchers from the Massachusetts Institute of Technology and a third from Harvard University, for their groundbreaking research into efforts

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Rice and LarpenTOUR showcases St. Paul, Roseville and Maplewood

On paper, the intersection of Rice Street and Larpenteur Avenue forms the gateway to St. Paul, Roseville and Maplewood, a three-way border that one might expect to yield significant investment.

In reality, civic leaders have for years called the intersection sparse and neglected. It’s also not immune to crime, including the fatal shooting of 23-year-old cosmetologist Nia Black outside the Lamplighter Lounge on June 13.

Nevertheless, members of the Rice and Larpenteur Alliance say they’ve seen signs of progress near the intersection, and along the Rice Street business corridor.

In an effort to improve the intersection’s image, the government and business alliance this Saturday will host the “Rice and LarpenTOUR,” a four-hour outdoor showcase that focuses on emerging and longstanding businesses and cultural offerings.

From 3 to 7 p.m. Saturday, guests at the “Rice and LarpenTOUR” will receive an event “passport” for self-guided stops in the three cities, including free food samples and live music. All events will be outdoors, and masks are strongly encouraged. Sanitation stations will be provided.

COMMERCIAL VITALITY ZONE PROJECT

Also on the horizon: pedestrian-friendly improvements.

Along the southwest corner of the intersection, a new project backed by a forgivable loan from St. Paul’s Commercial Vitality Zone program will soon fund long-awaited sidewalks along Rice Street and pedestrian-friendly changes in the strip mall parking lot egress.

The $338,000 loan, which does not have to be paid back if the project is completed and maintained by the same owners for five years, will also fund a parklet gathering space, a mill and overlay of the parking lot itself and minor landscaping.

Property owner M.E.K. Properties Limited Partnership will contribute $50,000 toward new lighting.

Leading into the St. Paul City Council’s 6-0 vote to approve the loan on Wednesday, St. Paul City Council President Amy Brendmoen called the

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