Americans Win Nobel Prize in Economics

Americans Win Nobel Prize in Economics

"They applied auction theory to more realistic settings", Peter Fredriksson, an economist at Uppsala University and chair of the Nobel committee on economic sciences, said at the press conference.

Their theoretical discoveries have improved auctions in practice.

Milgrom and Robert B. Wilson have been announced this year's joint winners of the Nobel prize for economics.

The Rethinking Economics charity, which pushes for a broader application of economics, said it was "disappointing" that the prize had gone to "two white men from the global north working on auction theory".

He showed why rational bidders tend to place bids below their own best estimate of the common value: they are anxious about the winner's curse - that is, about paying too much and losing out. He also struggled to think of an auction he himself had participated in.

Rather more of us might occasionally buy or sell some modestly valued furniture or ornaments that way, and perhaps more still make use of online auction sites.

Prof Milgrom put together a theory which takes into account not only auctions where the object turns out to have the same value for all the bidders, but also for auctions where the object is valued differently by different bidders.

Milgrom's work included the analysis of bidding strategies to determine how the format of an auction can give the seller higher expected revenue as bidders gauge the private value others place on the item on sale.

Waymo offers public rides in driverless cars in Phoenix
The company has a deal with AutoNation to clean the minivans as part of the regular maintenance of the vehicles. General Motors' Cruise subsidiary is testing its shuttle-style vehicles in and around San Francisco .

Goran Hansson, the secretary general of the Royal Swedish Academy of Sciences, praised the pair of American economists for their trailblazing research and creation of new types of auction formats.

Ph.D. 1979 from Stanford University, Stanford, USA.

But he said adverts on search engines were usually sold at auction, and noted his wife had recently bought some ski boots on eBay. "I guess that's an auction".

In 2019, colleagues and married couple Esther Duflo and Abhijit Banerjee received the news that they had been awarded the 2019 Prize in Economic Sciences.

Along with enormous prestige, the prize comes with a 10-million krona ($1.1 million) cash award and a gold medal to be handed out at a ceremony in Oslo, Norway, on December 10, the anniversary of prize founder Alfred Nobel's death.

The Nobel Prize for Physics went to Roger Penrose of Britain, Reinhard Genzel of Germany, and Andrea Ghez of the United States for their breakthroughs in understanding the mysteries of cosmic black holes. The World Food Programme won the Nobel Peace Prize on Friday for its effort to combat hunger worldwide.

Women have been more prevalent than usual this year, with American poet Louise Gluck winning the literature prize.

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