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

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

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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Stanford Pair Win Nobel For Economic Ideas Driving Ebay, Cellphone Spectrum Sales

by Erik Sherman

Going once, going twice—the winners of this year’s Nobel Prize in Economic Sciences are two Stanford economists whose work lets the world make mobile phone calls, switch on a light, and buy and sell on eBay.

Robert Wilson and Paul Milgrom, are famous for their groundbreaking work on auction theory. They took the 2,500-year-old practice of selling goods to the highest bidder and transformed how they worked and how the world looked at a result.

One of the major areas they developed was analysis of how the rules that govern auctions affect the efficiency of the outcomes—how bidders get the value they want, sellers maximize their income, and the process can happen more easily and quickly. Then they found ways to move beyond the fast-talking and gavel-banging stereotype of an auction and into many new types that new rules could enable.

“Sometimes the invisible hand of the

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Jennifer Doudna, New Nobel Laureate, on Science and Covid

Good morning.

Last week, Nobel Prize season arrived.

Among the several winners with ties to California were two Stanford professors — Paul R. Milgrom and Robert B. Wilson, were awarded the Nobel in economic science — and three University of California scholars. Reinhard Genzel, a U.C. Berkeley professor emeritus of physics and astronomy, and Andrea Ghez, a U.C.L.A. professor of astrophysics, shared the prize in physics with a mathematician at Oxford University for their work on black holes.

And Jennifer Doudna, a U.C. Berkeley professor, shared the prize in chemistry with Emmanuelle Charpentier, now the director of the Max Planck Unit for the Science of Pathogens in Berlin, for their work on Crispr-Cas9, a method to edit DNA.

[See the full list of 2020 Nobel winners and read more coverage here.]

It’s the first time the award has gone to two women, and Dr. Doudna is the first woman

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Explaining the science behind this year’s Nobel Prizes for Chemistry and Physics | The Hindu In Focus podcast

In this second part of a two-episode series on the Nobel Prizes, we go into the Chemistry and Physics 2020 awarded to Emmanuelle Charpentier and Jennifer Doudna, for discovering one of gene technology’s sharpest tools: the CRISPR/Cas9 genetic scissors.

Also read our explainer on the Chemistry Nobel 2020:

And for physics, British mathematician-physicist Roger Penrose received half of this year’s prize “for the discovery that black hole formation is a robust prediction of the general theory of relativity”, as the the Nobel Committee put it. German Reinhard Genzel and American Andrea Ghez received the second half of the prize “for the discovery of a supermassive compact object at the center of our galaxy.” We explain the science behind both awards.

Also read our explainer on the Physics Nobel 2020:

 

Guest: T.V. Venkateshwaran, Science Communicator, Senior Scientist at Vigyan Prasar, New Delhi.

Find the In Focus podcast

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Adorable moment Stanford professor was woken up by Nobel Prize win captured on camera

Photo of Katie Dowd

In this Monday, Oct. 12, 2020 photo provided by Stanford University, Robert Wilson, left, and Paul Milgrom wear masks as they stand for a photo in Stanford, Calif. The two American economists, both professors at Stanford, won the Nobel Prize in Economics for improving how auctions work. That research that underlies much of today's economy - from the way Google sells advertising to the way telecoms companies acquire airwaves from the government.

In this Monday, Oct. 12, 2020 photo provided by Stanford University, Robert Wilson, left, and Paul Milgrom wear masks as they stand for a photo in Stanford, Calif. The two American economists, both professors at Stanford, won the Nobel Prize in Economics for improving how auctions work. That research that underlies much of today’s economy — from the way Google sells advertising to the way telecoms companies acquire airwaves from the government.

Andrew Brodhead/Associated Press

When people are urgently calling and knocking on your door at 2 a.m., that’s rarely good news. But luckily for Stanford professor Paul Milgrom, Monday was the happiest early-morning disturbance of his life.

The Nobel Prize committee informs winners during work-day hours in Sweden, which means American recipients get calls in the wee small hours. So when the 2020 Nobel Prize in Economic Sciences went to

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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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Doorbell camera captures moment Nobel Prize winner is told he won

The reaction of a Stanford professor who was named a Nobel Prize-winner in economics was captured early Monday for the world thanks to a doorbell camera and a persistent colleague.

The Nobel Committee apparently had some trouble contacting Paul Milgrom to let him know the winning news, so his neighbor and fellow winner, Robert Wilson, took matters into his own hands. Wilson knocked on Milgrom’s door about 2:15 a.m. to get his colleague’s attention, according to Stanford University.

The prestigious California school posted a video from Milgrom’s Nest doorbell camera to its Twitter account Monday. Wilson knocked and rang the bell several times before Milgrom seemingly woke up. The exchange is heard through the doorbell’s intercom.

“Paul? It’s Bob Wilson,” he said. “You’ve won the Nobel.”

“Wow,” Milgrom responded.

Milgrom’s wife, who is currently in Stockholm, got the notification on her phone when Wilson rang their doorbell and was able

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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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2 Stanford economists win Nobel prize for improving auctions

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Winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 at a press conference in Stockholm, Monday Oct. 12, 2020. 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.”

AP

Two American economists won the Nobel Prize on Monday for improving how auctions work, research that underlies much of today’s economy — from the way Google sells advertising to the way telecoms companies acquire airwaves from the government.

The discoveries of Paul R. Milgrom and Robert B. Wilson, both of Stanford University, “have benefitted sellers, buyers and taxpayers around the world,” the Nobel Committee said.

Wilson was once Milgrom’s Ph.D. adviser, and the two also happen to be neighbors. Reached by phone at his home in California, Milgrom said he received news of

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Three Things We’ve Learnt From This Year’s Nobel Awards In The Sciences

While coronavirus will undoubtedly be the first thing people remember about 2020, the prominent role of science in society won’t be far behind – as I’ve written about previously.

And so it was with this year’s Nobel Prize announcements in the sciences that we were reminded of some other great achievements of our time away from the race to find a vaccine, with each of them rightly gaining a good share of media attention.  

To me, three things stood out. 

1) U.K. pedigree 

Ahead of the publication of the U.K. government’s new industrial strategy – in which science and innovation are anticipated to underpin all of the main themes – we were

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