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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Australian valley a ‘natural laboratory’ to test carbon sequestration theory

Australian valley a 'natural laboratory' to test carbon sequestration theory
Co-author Professor Dietmar Müller from the School of Geosciences at the University of Sydney. Credit: University of Sydney

Geoscientists at the University of Sydney have discovered a natural laboratory to test claims that the carbon captured during the erosion and weathering of common rocks could be a viable mitigation strategy against global warming.


That laboratory is the Tweed River valley in north-eastern New South Wales.

“When common rocks, known as olivine, chemically break down, they absorb carbon dioxide to form carbonates that can then be washed into the oceans,” said lead author of the study, Kyle Manley, a student at the University of Irvine in California, who started the research while studying at Sydney.

“In that way, river valleys like the Tweed can act as carbon sinks.”

The carbonates formed in this process later become the shells of marine animals and corals. Over millions of years, these remnants can form

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New Theory Suggests Tunguska Explosion Was A 656 Foot-Wide Asteroid’s Near-Miss With Earth

In the morning of June 30, 1908, the ground trembled in Central Siberia, and a series of flying fireballs, causing a “frightful sound” of explosions, were observed in the sky above the Stony Tunguska River. Strange glowing clouds, colorful sunsets, and a weak luminescence in the night were reported as far as Europe.

Likely many thousand people in a radius of 1.500 kilometers (or 900 miles) observed the Tunguska Event. However, due to the remoteness of the affected area, eyewitness testimonies were collected only more than half of a century after the event, and most were second-hand oral accounts. In 2008, unpublished material collected by Russian ethnographer Sev’yan Vainshtein resurfaced, including some first-hand accounts of the event.

Despite its notoriety in pop-culture, hard scientific data covering the Tunguska Event is sparse. Since 1928 more than forty expeditions explored

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Tableau’s Latest Theory: Analytics Ubiquity With Einstein

Data visualization technologies are supposed to make information easier to understand, faster to comprehend and provide an opportunity for all users (including non-technical ones) to see trends, outliers and anomalies. Given this drive for clarity of vision, it would have been disappointing to see a firm in this space try to label its annual technical convention as anything less than a virtual attempt to replicate what a normal industry gathering normally looks like.

As a company in the information business, Tableau Software thankfully saw the need for a bit of self-deprecating humor in the year of Covid-19 and so called its event Tableau Conference-ish.  

Hands-on real-world (virtual) whoops

The company normally uses its annual convention to get hands-on and real world with its users; as such, keynotes are typically filled with corporate big picture statements that are quickly followed

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Moon’s magnetic crust research sees scientists debunk long-held theory — ScienceDaily

New international research into the Moon provides scientists with insights as to how and why its crust is magnetised, essentially ‘debunking’ one of the previous longstanding theories.

Australian researcher and study co-author Dr Katarina Miljkovic, from the Curtin Space Science and Technology Centre, located within the School of Earth and Planetary Sciences at Curtin University, explained how the new research, published by Science Advances, expands on decades of work by other scientists.

“There are two long term hypotheses associated with why the Moon’s crust might be magnetic: One is that the magnetisation is the result of an ancient dynamo in the lunar core, and the other is that it’s the result of an amplification of the interplanetary magnetic field, created by meteoroid impacts,” Dr Miljkovic said.

“Our research is a deep numerical study that challenges that second theory — the impact-related magnetisation — and it essentially ‘debunks’ it. We

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First photo of a black hole supports Einstein’s theory of relativity

The first image of a black hole, captured in 2019, has revealed more support for Albert Einstein’s theory of general relativity. The new finding has suggested his theory is now 500 times harder to beat.



a star in the background: This is a simulation of M87's black hole showing the motion of plasma as it swirls around the black hole. The bright thin ring that can be seen in blue is the edge of what researchers call the black hole shadow.


© L. Medeiros/C. Chan/D. Psaltis/F. Özel; UArizona/IAS
This is a simulation of M87’s black hole showing the motion of plasma as it swirls around the black hole. The bright thin ring that can be seen in blue is the edge of what researchers call the black hole shadow.

Einstein’s theory, or the idea that gravity is matter warping space-time, has persisted for a hundred years as new astronomical discoveries have been made.

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Researchers from the Event Horizon Telescope collaboration, the team that imaged the central black hole of the M87 galaxy last year, analyzed the black hole’s “shadow.”

Black holes don’t cast shadows in the typical sense because they aren’t solid objects that

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Inside MatPat’s Game Theory YouTube strategy and business: interview

  • YouTube creator Matthew Patrick (known online as MatPat) and his wife Stephanie co-own Theorist Media, a digital production studio behind several YouTube channels with a collective 26 million subscribers.
  • They spoke with Business Insider about how they create a new YouTube channel, including tips like how many videos to launch with and what makes a good thumbnail image.
  • “Content creators or businesses who aren’t spending an appropriate amount of time thinking about how to best brand their video are throwing all that work and money they spent to make that video away,” Matthew Patrick said. 
  • Subscribe to Business Insider’s influencer newsletter: Insider Influencers.

 

YouTube creator Matthew Patrick (known online as MatPat) and his wife Stephanie Patrick have built a business around their content strategy.

Their digital production studio Theorist Media is behind the YouTube channels The Game Theorists (13.2 million subscribers), GTLive (2.3 million subscribers), The Film Theorists

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International research team solves theory of how diamonds formed inside protoplanets — ScienceDaily

It is estimated that over 10 million asteroids are circling the Earth in the asteroid belt. They are relics from the early days of our solar system, when our planets formed out of a large cloud of gas and dust rotating around the sun. When asteroids are cast out of orbit, they sometimes plummet towards Earth as meteoroids. If they are big enough, they do not burn up completely when entering the atmosphere and can be found as meteorites. The geoscientific study of such meteorites makes it possible to draw conclusions not only about the evolution and development of planets in the solar system but also their extinction.

A special type of meteorites are ureilites. These are fragments of a larger celestial body — probably a minor planet — which was smashed to pieces through violent collisions with other minor planets or large asteroids. Ureilites often contain large quantities of

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‘Giant impact’ theory of moon’s formation gets another boost

Scientists have found fresh evidence in lunar rocks showing that the moon was likely formed after a Mars-sized planet crashed into the proto-Earth more than 4 billion years ago.

A NASA-led team examined moon rocks brought back to Earth by Apollo astronauts more than 50 years ago. Investigating the samples with advanced tools not available to researchers in the 1960s and 1970s, the team found further evidence of the “giant impact theory” by focusing on the amount and type of chlorine in the rocks, a new study reports.

The researchers discovered the moon has a higher concentration of “heavy” chlorine compared to Earth, which sports more “light” chlorine. The terms “heavy” and “light” refer to versions of the chlorine atom, known as isotopes, that contain different numbers of neutrons in their nuclei.

Related: How the moon formed: 5 wild lunar theories

Shortly after the mammoth collision occurred, Earth was

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New theory predicts movement of different animals using sensing to search — ScienceDaily

All animals great and small live every day in an uncertain world. Whether you are a human being or an insect, you rely on your senses to help you navigate and survive in your world. But what drives this essential sensing?

Unsurprisingly, animals move their sensory organs, such as eyes, ears and noses, while they are searching. Picture a cat swiveling its ears to capture important sounds without needing to move its body. But the precise position and orientation these sense organs take over time during behavior is not intuitive, and current theories do not predict these positions and orientations well.

Now a Northwestern University research team has developed a new theory that can predict the movement of an animal’s sensory organs while searching for something vital to its life.

The researchers applied the theory to four different species which involved three different senses (including vision and smell) and found

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