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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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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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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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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Nobel Prize Winners In Chemistry And Physics Discuss Shattering Gender Norm, Redefining Women’s Roles

The first Nobel Prize in Chemistry was awarded 119 years ago, and on Wednesday for the first time in its history, two women won without having to share the prize with a man. Their groundbreaking development may shift the perception of women in scientific roles, and continue to disrupt the centuries-old mindset that women are second to men in innovation or in any field. 

Dr. Jennifer Doudna, a biochemist at UC Berkeley and French researcher Dr. Emmanuelle Charpentier of the Max Planch Institute accepted the Nobel Prize in Chemistry for developing the CRISPR-Cas9 genetic scissors, a

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Prince William Taps Shakira, Cate Blanchett, and More for Earthshot Prize Council

Photo credit: WPA Pool - Getty Images
Photo credit: WPA Pool – Getty Images

From Harper’s BAZAAR

Prince William has brought together a list of global leaders from the worlds of entertainment, sports, and philanthropy to assemble a 13-strong council for his $65 million environmental prize.

Familiar faces on the influential and diverse panel include Cate Blanchett, Shakira, Queen Rania of Jordan, and basketball star Yao Ming, all of whom are currently engaged in environmental activism.

The Earthshot Prize prize council members, who represent six continents, will sit alongside the Duke of Cambridge and Sir David Attenborough as they are supported by a scientific advisory panel to select five winners each year for the next ten years to provide at least 50 solutions to the world’s biggest environmental problems by 2030.

Also joining the group are Brazilian soccer star Dani Alves, Costa Rican diplomat Christiana Figueres, former PepsiCo CEO Indra Nooyi, Chinese business magnate and philanthropist Jack

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3 scientists win Nobel physics prize for black hole research

STOCKHOLM (AP) — Three scientists won the Nobel Prize in physics Tuesday for establishing the all-too-weird reality of black holes — the straight-out-of-science-fiction cosmic monsters that suck up light and time and will eventually swallow us, too.

Roger Penrose of Britain, Reinhard Genzel of Germany and Andrea Ghez of the United States explained to the world these dead ends of the cosmos that are still not completely understood but are deeply connected, somehow, to the creation of galaxies.

Penrose, an 89-year-old at the University of Oxford, received half of the prize for proving with mathematics in 1964 that Einstein’s general theory of relativity predicted the formation of black holes, even though Einstein himself didn’t think they existed.

Genzel, who is at both the Max Planck Institute in Germany and the University of California, Berkeley, and Ghez, of the University of California, Los Angeles, received the other half of the prize

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What is CRISPR? A close look at the gene editing technology that won the Chemistry Nobel prize

The Royal Swedish Academy of Sciences yesterday awarded the 2020 Nobel Prize in Chemistry to Emmanuelle Charpentier and Jennifer Doudna for their work on CRISPR, a method of genome editing.

A genome is the full set of genetic “instructions” that determine how an organism will develop. Using CRISPR, researchers can cut up DNA in an organism’s genome and edit its sequence.

CRISPR technology is a powerhouse for basic research and is also changing the world we live in. There are thousands of research papers published every year on its various applications.

These include accelerating research into cancers, mental illness, potential animal to human organ transplants, better food production, eliminating malaria-carrying mosquitoes and saving animals from disease.

Charpentier is the director at the Max Planck Institute for Infection Biology in Berlin, Germany and Doudna is a professor at the University of California, Berkeley. Both played a crucial role in demonstrating how

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3 Scientists Win Nobel Physics Prize for Black Hole Research | Science News

By DAVID KEYTON, SETH BORENSTEIN and FRANK JORDANS, Associated Press

STOCKHOLM (AP) — Three scientists won the Nobel Prize in physics Tuesday for establishing the all-too-weird reality of black holes — the straight-out-of-science-fiction cosmic monsters that suck up light and time and will eventually swallow us, too.

Roger Penrose of Britain, Reinhard Genzel of Germany and Andrea Ghez of the United States explained to the world these dead ends of the cosmos that are still not completely understood but are deeply connected, somehow, to the creation of galaxies.

Penrose, an 89-year-old at the University of Oxford, received half of the prize for proving with mathematics in 1964 that Einstein’s general theory of relativity predicted the formation of black holes, even though Einstein himself didn’t think they existed.

Genzel, who is at both the Max Planck Institute in Germany and the University of California, Berkeley, and Ghez, of the University of

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Nobel Prize for CRISPR honors two great scientists

(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.)

(THE CONVERSATION) The gene-editing technique CRISPR earned the 2020 Nobel Prize in chemistry. Recognition of this amazing breakthrough technology is well deserved.

But each Nobel Prize can be awarded to no more than three people, and that’s where this year’s prize gets really interesting.

The decision to award the prize to Jennifer Doudna and Emmanuelle Charpentier involves geopolitics and patent law, and it pits basic science against applied science.


Editing letters in the book of life

CRISPR is a powerful gene-editing tool that has taken molecular biology from the typewriter to the word processor age. One could say it’s like Microsoft Word for the book of life. CRISPR allows a researcher to find not just a gene, but a very specific part of a gene and change it, delete it or add a completely

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