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2 Americans win Nobel Prize in economics for improvements to auction theory

Two American economists won the Nobel Prize in Economic Sciences on Monday for improving the way auctions work and creating new auction formats that have benefited sellers, buyers and taxpayers around the world.

Paul Milgrom and Robert Wilson, who are based at Stanford University in California, designed new auction formats for good and services that are difficult to sell in a traditional way, including radio frequencies, airport landing slots and fishing quotas.

Their work resulted in crucial practical applications that have spread globally and “are of great benefit to society,” said Peter Fredriksson, chair of the Nobel committee.

Wilson, 83, developed the theory for auctions of objects with a common value, which is “uncertain beforehand but, in the end, is the same for everyone.”



a screenshot of a computer screen: Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for 'improvements to auction theory and inventions of new auction formats.'


© Anders Wiklund
Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for ‘improvements to auction theory and inventions of new auction formats.’

Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for ‘improvements to auction theory and inventions of new auction formats.’ (Anders Wiklund/)

Video: U.S. auction theory pioneers win Nobel economics prize (Reuters)

U.S. auction theory pioneers win Nobel economics prize

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“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,” the committee said in a statement.

Milgrom, 72, formulated “a more general theory” that also allows for what is known as “private values.” His work demonstrates that “a format will give the seller higher expected revenue when bidders learn more about each other’s estimated values during bidding.”

Technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory

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American duo win Nobel prize in economics for improvements to auction theory

A Nobel Prize medal
A Nobel Prize medal

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 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 the Second World War and 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 autumn 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 (£840,000) cash prize and a gold medal.

Last week, the Nobel Committee awarded the prize for physiology

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Abandoned house and companion cottage win Petaluma’s top renovation award

When Karen Brown went searching for a property in Petaluma where she and a longtime friend might co-invest and coexist, there was nothing on the market that fit the bill. It was 2013, the nation was coming out of a deep recession and the pickings were slim, especially for affordable properties with two units or enough area to build an accessory dwelling. So Brown walked the streets of the old west side and ended up beating the bushes — literally — to find her dream home hidden among an overgrowth of acacias.

The house was so concealed she almost missed it. A “no trespassing“ sign did not encourage exploration. But she was intrigued. There, set back on a third of an acre, was an abandoned shack with plywood nailed over the doors. It had no foundation and perched on piers in the ground. It hadn’t been occupied in at least 10 years, apart from the possum living in the front room.

Despite all that, Brown saw immediate possibilities. The property was large enough for a second small home, and there was something about the forlorn little cabin that tugged at her heart.

She came to call it “the little house that cried.”

“It was either going to get torn down or somebody was going to come along at the last minute and love it. And that’s what happened.”

Potential in the ruins

As the creative director of an educational nonprofit, Brown, with her artistic imagination, could see possibility amid the ruins. Her friend Alan Good shared her vision.

“There’s an old saying about ‘location, location, location.’ That was really clear,” said Good, a longtime horticulturist who for years managed the living roof of the California Academy of Sciences in Golden Gate Park. “West Petaluma is a wonderful place to live,

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No. 17 LSU Football Shows Major Improvements on Both Sides of the Ball in Week Two Win

The Tigers found their groove on defense and offense against the Commodores. The game proved that both sides of the football are steadily improving.

After a disappointing opening game, No. 17 LSU (1-1) really played well against Vanderbilt. Better effort, more energy, and definitely a higher level of focus showed for both the offense and defense. The Tigers were led by one of their best players.

Derek Stingley, Secondary, Lead the Way

Anytime you hold an opponent’s quarterback to 11 for 25 passing and 113 yards, the secondary did its job. More importantly, it’s how and when the LSU secondary did it’s job.

With Stingley not giving up a single reception, it allowed the other Tigers to concentrate on just their job. Vanderbilt did challenge Stingley, as the preseason All-American broke up a pass in the end zone and was stuck to his man like glue for most of the evening. His teammates followed suit.

There were much better angles being taken by the defensive backs, and it showed. This was especially true during the first drive by Vanderbilt.

A quick screen left saw a host of Tigers sprint towards the football and drop the wide receiver for a loss. That blown up screen pass set the tone for the evening. That energy, that drive to dominate, it showed up for the purple and gold secondary.

Perhaps one of the reasons LSU started playing really well stemmed from playing more cover one (man defense) during the second half. LSU mixed up its coverages in the first half and Vanderbilt did run the football well. LSU allowed 107-yards rushing during the first half. The second half went LSU’s way.

With LSU manning up on the outside during the second half, the safeties and linebackers really keyed the run. That helped LSU

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How General Contractors Can Win With Blogging

In modern day construction, a digital presence is an easy way for a potential customer to feel comfortable with a contractor's specialty. This match-making scenario becomes challenging when there are countless resources providing the exact service all listed on a search engine's output. Without a budget for ad campaigns and paid ranking opportunities, many contractors feel helpless in the vast sea of ​​large firms "paying to play." Fortunately, there are options. Enter blogging.

Chances are you've been acquainted with the most popular search engine, Google. Although it's frequently pumping out updates to the way its algorithms react to users' keywords, tapping into Google ranking through cost-effective means isn't a far-off goal. In fact, it's a pretty solid game changer for contractors willing to put the proper tools in place.

BLOGGING = GAINING COVETED GOOGLE EXPOSURE

Through strategic keyword usage and variation in blogs, contractors can build thought leadership while enhancing their Google ranking – becoming visible to potential clients before the competition. To build on both HTML (Hypertext Markup Language – aka website coding) and site copy keyword usage, blogging is a great outlet to also gain visibility while creating content for your firm's social channels.

With the large investment that construction commonly represents for today's owners, it's important to trust the credibility and reputation of a well-known contractor. Blogging is an easy way to do this without shoving information down a potential customer's throat.

A contractor is able to use several free resources from Google to understand what keywords are bringing users to its site to supplement the development of a blog with the goal of search engine optimization (SEO). Tools such as Google Analytics allow users to look at competitor data, identify sources of traffic, and target how users behave on a website ..

Activities such as blogging …

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