Nobel economics prize awarded to Milgrom and Wilson for auction theory work – as it happened | Business

A Jobcentre Plus in London.

A Jobcentre Plus in London. Photograph: Yui Mok/PA

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Britain faces a surge in unemployment before Christmas, economists fear, as business struggle under lockdown restrictions and the government prepares new rules for areas where Covid-19 is the biggest threat.

The CEBR thinktank is warning this morning that at least 1.25 million more people are at risk of losing their jobs by Christmas, as it hikes its Christmas unemployment forecast.

With Covid-19 still battering the economy, more companies will be forced to lay staff off – particularly those who were furloughed since the lockdown.

As CEBR warns…


The job market outlook is negative for the coming months…

…the coming winter looks set to be a tough one.

That would push the jobless total towards three million – up from 1.4m this summer. It

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E-Commerce Economics Are Broken, Says Tech Startup Tradeswell. It Has A Plan To Help Fix Them.

Paul Palmieri was looking at various direct-to-consumer startups as possible investments for his venture capital fund when he decided the e-commerce economics didn’t add up.

“I definitely saw a lot of opportunity to invest in direct to consumer brands, but every time we would get close, we would look at it and say, gosh, the numbers are somewhat broken,” he said.

While the sales potential is great, the fees brands pay to what Palmieri calls the ecosystem of e-commerce enablers—for advertising, for keywords, for warehousing, for fulfillment—are destroying margins.

So instead of investing in a DTC brand, Palmieri decided to invest in starting a company that would help brands large and small master the new math of e-commerce.

The company, Tradeswell, emerged from stealth mode last week after beta

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Five ‘Citation Laureates’ Awarded 2020 Nobel Honors for Physics, Chemistry and Economics

59 researchers named as ‘Citation Laureates’ have won Nobel honors since 2002

LONDON, Oct. 13, 2020 /PRNewswire/ — Clarivate Plc (NYSE:CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, today celebrates the five extremely highly cited ‘Citation Laureates™’ who have been named as 2020 Nobel prize winners – demonstrating once again, the association between citations in the literature, influence through a research community, and peer judgement.

The quantitative and qualitative analysis from Clarivate is regularly cited, as a predictive weathervane as to who may receive Nobel honors each year.  Since 2002, 59 named individuals have gone on to receive Nobel prizes.

The five Citation Laureates named as Nobel Laureates in 2020 are:

  • The 2020 Nobel prize for Physics awarded to Roger Penrose, University of Oxford, UK for the discovery that black hole formation is a robust prediction of the general
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U.S. Auction Theorists Win the 2020 Nobel in Economics

Two American economists, Paul R. Milgrom and Robert B. Wilson, were awarded the Nobel in economic science on Monday for improvements to auction theory and inventions of new auction formats — innovations that have had huge practical applications when it comes to allocating scarce resources.

The pair, close collaborators who are both affiliated with Stanford University, have pioneered new auction formats that governments have since used to auction off radio frequency.

“They haven’t just profoundly changed the way we understand auctions — they have changed how things are auctioned,” said Alvin E. Roth, a Nobel laureate himself who was one of Mr. Wilson’s doctoral students. “The two of them are some of the greatest theorists living in economics today.”

Auctions help to sell a variety of products, including art, minerals and online advertising. They can also take on various characteristics: Objects can have a shared, common value for all bidders

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