{"id":2956,"date":"2020-10-12T17:10:39","date_gmt":"2020-10-12T11:25:39","guid":{"rendered":"https:\/\/english.kathmandupati.com\/?p=2956"},"modified":"2020-10-12T17:10:39","modified_gmt":"2020-10-12T11:25:39","slug":"paul-r-milgrom-robert-b-wilson-win-2020-nobel-prize-in-economics","status":"publish","type":"post","link":"https:\/\/english.kathmandupati.com\/?p=2956","title":{"rendered":"Paul R. Milgrom, Robert B. Wilson win 2020 Nobel Prize in Economics"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>KATHMANDU :<\/strong> The Royal Swedish Academy of Sciences has decided to award the \u20182020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel\u2019 to Paul R. Milgrom and Robert B. Wilson \u201cfor improvements to auction theory and inventions of new auction formats.\u201d<\/p>\n<p style=\"text-align: justify;\">According to the Academy, this year\u2019s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work.<br \/>\nThe two have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world.<\/p>\n<p style=\"text-align: justify;\">\u201cPeople have always sold things to the highest bidder, or bought them from whoever makes the cheapest offer. Nowadays, objects worth astronomical sums of money change hands every day in auctions, not only household objects, art and antiquities, but also securities, minerals and energy. Public procurements can also be conducted as auctions,\u201d read the statement.<\/p>\n<p style=\"text-align: justify;\">Using auction theory, researchers try to understand the outcomes of different rules for bidding and final prices, the auction format. The analysis is difficult, because bidders behave strategically, based on the available information. They take into consideration both what they know themselves and what they believe other bidders to know.<\/p>\n<p style=\"text-align: justify;\">\u201cOver time, societies have allocated ever more complex objects among users, such as landing slots and radio frequencies. In response, Milgrom and Wilson invented new formats for auctioning off many interrelated objects simultaneously, on behalf of a seller motivated by broad societal benefit rather than maximal revenue,\u201d the statement added.<\/p>\n<p style=\"text-align: justify;\">According to the statement, the US authorities first used one of their auction formats to sell radio frequencies to telecom operators in 1994, and many other countries have followed suit since then.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KATHMANDU : The Royal Swedish Academy of Sciences has decided to award the \u20182020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel\u2019 to Paul R. Milgrom and Robert B. Wilson \u201cfor improvements to auction theory and inventions of new auction formats.\u201d According to the Academy, this year\u2019s Laureates, Paul Milgrom and Robert [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-special"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paul R. Milgrom, Robert B. 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