Americans Milgrom, Wilson win Nobel prize in economics

Americans Milgrom, Wilson win Nobel prize in economics

But Milgrom couldn't be reached, so his neighbor - and fellow prize victor - Robert Wilson stepped up and walked over to Milgrom's house.

What do you usually expect if your neighbour knocks on the door in the middle of the night?

In a security camera video recording, Wilson is seen ringing Milgrom's doorbell at 2:15 a.m. PT and knocking for several seconds.

The economics prize, won by such luminaries as Paul Krugman and Milton Friedman in the past, was the final of the six awards in 2020, a year in which the Nobels have been overshadowed by the Covid-19 pandemic. Milgrom and Robert B. Wilson have won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats".

USA academics Paul Milgrom and Robert Wilson have won the 2020 Nobel Prize in Economics for their work on auctions, which has been hailed as benefiting buyers and sellers around the world.

Paul R. Milgrom, professor at Stanford University, speaks during an interview about winning the Nobel Prize in economics at his home in Palo Alto, California, October 12, 2020. By using Milgrom and Wilson's auction format, created to counter the problems of uncertain values and the winner's curse, the new FCC spectrum auctions drove billions of dollars in sales over the next twenty years.

China reports 13 new Covid-19 cases, six of them autochthonous
It broke down those numbers into 13 cases in which people had symptoms and 17 cases in which they had no symptoms. In this method, a test is conducted on a batch of five to 10 samples.

The two men tackled the tricky problem of making auctions work efficiently.

Professor Wilson showed rational bidders tended to place bids below their own best estimate of what he called the "common value" - that is, when the value of an item was deemed to be the same for everyone - for fear of paying too much. Wilson's wife asks with a laugh. The winners' work provides guidance about "how to price and allocate scarce goods - radio spectrum, electricity, financial securities, and many more".

Speaking to reporters in Stockholm via a telephone link, Mr Wilson said the announcement had been "very happy news", conceding that despite his research focus he himself had "never participated in an auction".

"We gave them your cellphone number", Mr Wilson's wife says.

However, he quickly had to retract his statement.

Related Articles

  • Discoverers of Hepatitis C Awarded the 2020 Nobel Prize in Medicine

    Discoverers of Hepatitis C Awarded the 2020 Nobel Prize in Medicine

    The World Health Organisation estimates there are over 70 million cases of hepatitis worldwide and 400,000 deaths each year. The 2020 Nobel Prizes kick off Monday with the naming of the victor , or winners, in the field of physiology and medicine .
    Facebook bans Holocaust denial, distortion posts

    Facebook bans Holocaust denial, distortion posts

    In addition, Facebook will direct those searching its platform for information about the Holocaust to authoritative sources. Facebook's announcement of the new policy did not define what constitutes "content that denies or distorts the Holocaust ".
    Kim keeps Inbee at bay to claim maiden major title

    Kim keeps Inbee at bay to claim maiden major title

    As she approached 18, the trophy sitting out near the hole for her to see, pretty much everyone out at Aronimink lined the ropes. She has won at least once on the LPGA Tour every year since 2015 and she came into Aronimink as the No. 7 player in the world.
  • The Smartest Fashion Must-Haves from Prime Day 2020

    The Smartest Fashion Must-Haves from Prime Day 2020

    Below are just some of the excellent deals to be had at Amazon, and we will be sure to add to the list as we discover new ones. Meanwhile, smart bulbs from Philips Hue can complement outdoor security setups with programmable lighting.
    136,465 coronavirus cases confirmed in MI

    136,465 coronavirus cases confirmed in MI

    Over 2.3 million COVID-19 tests have completed in Minnesota since March, and 113, 429 people total have tested positive. Out of our total deaths, 5,552 have occurred in residents from nursing or personal care facilities.
    Louisiana residents continue clean-up after Hurricane Delta

    Louisiana residents continue clean-up after Hurricane Delta

    Forecasters said the area could see anywhere between half an inch and one and a half inches of rain by Monday afternoon. This is the 10th named storm to make U.S. landfall so far this year, breaking a record that has stood since 1916.
  • COVID-19 positive tests reported for NFL Sunday morning

    COVID-19 positive tests reported for NFL Sunday morning

    This season, Cowart had started every New England game at defensive tackle and played 39 percent of the Patriots' defensive snaps. The Miami Dolphins' Week 6 game against the Denver Broncos has been postponed due to the New England Patriots' COVID-19 outbreak.
    Apple's AirPods with wired charging case are just $115 on Prime Day

    Apple's AirPods with wired charging case are just $115 on Prime Day

    These work with the latest iPad Pro, iPad Air, and iPad 8, but it's not designed for use with the iPad mini. Boger told Engadget that those figures are an amalgamation of "real-world application workloads".
    Biden Gives an Answer to Republicans Question on Court Packing

    Biden Gives an Answer to Republicans Question on Court Packing

    The tweet was still visible once users clicked through the warning. "In some cases, vaccines can last for decades". On October 1, US President Donald Trump announced he and the first lady had tested positive for the coronavirus.
  • Johnson & Johnson pauses Covid-19 vaccine trial

    Johnson & Johnson pauses Covid-19 vaccine trial

    Among the trials paused was Johnson & Johnson's multi-country "ENSEMBLE" vaccine, which entered Phase 3 testing in September. Researchers running the 60,000 patient trial received a notice saying the "pausing rule has been met", Stat News reports .
    California GOP Putting Out Bogus Ballot Boxes In At Least Three Counties

    California GOP Putting Out Bogus Ballot Boxes In At Least Three Counties

    The secure boxes can sometimes weigh more than 600 pounds and are monitored frequently by local election officials. As of 2016, California election law allows voters to entrust someone else to deliver a ballot on their behalf.
    Bangladesh's cabinet gives nod to death penalty for rape

    Bangladesh's cabinet gives nod to death penalty for rape

    The bill says anyone convicted of rape will be punished with death or "rigorous imprisonment" for life. In addition, many rapes go unreported because women fear being stigmatised.