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Nobel Prize In Economics Goes To Paul R Milgrom, Robert B Wilson For Improvements To Auction Theory

STOCKHOLM — Americans Paul R. Milgrom and Robert B. Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.”

The winners were announced Monday in Stockholm by Goran Hansson, secretary-general of the Royal Swedish Academy of Sciences.

The award caps a week of Nobel Prizes at a time when much of the world is experiencing the worst recession since World War II because of the impact of the coronavirus pandemic.

Technically known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1969 and is now widely considered one of the Nobel prizes.

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Posted in improvements

American duo win Nobel prize in economics for improvements to auction theory

Winners of the Nobel Prize in Economic Sciences Paul R Milgrom, left, and Robert B Wilson

Two American economists have won the Nobel Prize for improving the theory of how auctions work and inventing new and better formats that are now woven into the economy.

The discoveries of Paul R Milgrom and Robert B Wilson “have benefitted sellers, buyers and taxpayers around the world”, the Nobel Committee said, noting that the auction formats developed by the winners have been used to sell radio frequencies, fishing quotas and airport landing slots.

The two winners, who are economists based at Stanford University in California, were

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Posted in improvements

2 Americans win Nobel Prize in economics for improvements to auction theory

Two American economists won the Nobel Prize in Economic Sciences on Monday for improving the way auctions work and creating new auction formats that have benefited sellers, buyers and taxpayers around the world.

Paul Milgrom and Robert Wilson, who are based at Stanford University in California, designed new auction formats for good and services that are difficult to sell in a traditional way, including radio frequencies, airport landing slots and fishing quotas.

Their work resulted in crucial practical applications that have spread globally and “are of great benefit to society,” said Peter Fredriksson, chair of the Nobel committee.

Wilson, 83, developed the theory for auctions of objects with a common value, which is “uncertain beforehand but, in the end, is the same for everyone.”



a screenshot of a computer screen: 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.'


© Anders Wiklund
Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for ‘improvements to auction theory and inventions

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Economics Nobel goes to Paul R. Milgrom, Robert B. Wilson for their work on auction theory

This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefitting sellers, buyers and taxpayers around the world,” the academy said.

The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”

“Auctions are everywhere and affect our everyday lives. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefitting sellers, buyers and taxpayers around the world,” the academy said.

Robert Wilson developed the theory for auctions of objects with a common value – a value which is uncertain beforehand but, in the end, is the same for everyone. Mr. Wilson showed why rational bidders tend to place bids below their own best estimate of the common

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Posted in improvements

After improvements, part of West Eleven office park heads to auction

About a year after the former Blue Cross Blue Shield of Michigan buildings in Southfield came under new ownership following a contentious court battle, part of what is now known as the West Eleven Office Park is heading to auction.

The auction for 27350 W. 11 Mile Rd. runs from 1 p.m. Nov. 16 to 1 p.m. Nov. 18 with a starting bid of $1.35 million for the 159,200-square-foot vacant building.

At one point, the building was “shuttered by debtors” and “unfit for occupancy,” court filings in Oakland County by Southfield-based brokerage house Farbman Group said last year.

The building is one of four that I wrote about in November stemming from a series of mind-boggling lawsuits between Canadian investors targeting each other in Oakland County and federal court, with allegations ranging from fraud to implications of one party in a double murder in Toronto.

You can read the story

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Capitol Hill rowhouse, former home of Canadian ambassador, set for auction Oct. 24

The four-level house, formerly the residence of the Canadian ambassador to the United States, has an elevator to all four levels and a gated two-car garage. Located adjacent to Stanton Park and within walking distance of the U.S. Capitol, the Supreme Court, the Library of Congress and the Mall, the house has panoramic views of the city and its monuments from the rooftop deck, reached from a spiral staircase.

The 5,600-square-foot rowhouse has six bedrooms, six bathrooms, hardwood floors and custom millwork. The main level includes a formal living room and a formal dining room, each with a 12-foot-high ceiling. The living room has a fireplace and a box bay window. At the back of this level is a large kitchen with stainless-steel appliances, a center island and a glass door to a deck. A closet and powder room are also on the main level.

The first of two upper

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