American economists Paul Milgrom and Robert Wilson have been awarded the 2020 Nobel Prize in economics for their contributions to auction theory, the Royal Swedish Academy of Sciences said on Monday.



Paul Milgrom wearing a suit and tie smiling at the camera: Left: Paul R. Milgrom, Right: Robert B. Wilson:


© Stanford Graduate School of Business
Left: Paul R. Milgrom, Right: Robert B. Wilson:

Milgrom and Wilson, who are both professors at Stanford University in California, were recognized for theoretical discoveries that improved how auctions work. According to the Royal Swedish Academy of Sciences, they also designed auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.

“This year’s Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” Peter Fredriksson, chair of the prize committee, said in a statement.

According to the Royal Swedish Academy of Sciences, the economists invented new formats for auctioning many interrelated objects on behalf of a seller motivated by doing good for society rather than simply achieving the highest price possible.

In 1994, US authorities first used one of their formats to sell bands of radio spectrum. Doing so helped ensure that taxpayers were benefiting from the sale of radio frequencies that were owned by the government but of enormous value to mobile network operators.

The prize for economics is officially known as the Sveriges Riksbank Prize in Economic Sciences. It was established by Sweden’s central bank and has been awarded since 1969 in memory of industrialist Alfred Nobel.

Milgrom and Wilson will share 10 million Swedish kroner ($1.1 million) in prize money.

In 2019, the economics prize was awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer for their work to alleviate global poverty. Duflo, a professor at the Massachusetts Institute of Technology,

Oct 12 (Reuters)U.S. economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said on Monday.

“The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society,” the academy said in a statement.

“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, benefiting sellers, buyers and taxpayers around the world,” the Nobel Prize’s official website tweeted.

New auction formats have been used for radio spectra, fishing quotas, aircraft landing slots and emissions allowances.

The economics prize, won by such luminaries as Paul Krugman and Milton Friedman in the past, was the final of the six awards in 2020, a year in which the Nobels have been overshadowed by the COVID-19 pandemic.

The traditional gala winners’ dinner in December has been cancelled and other parts of the celebrations are being held digitally to avoid the risk of spreading the infection.

The 10-million-Swedish-crown ($1.14 million) economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was established by Sweden’s central bank and first awarded in 1969.

The Norwegian Nobel Committee plans to go ahead with an award ceremony, albeit in a reduced format due to the coronavirus pandemic, in Oslo on Dec. 10, the anniversary of the death of Alfred Nobel.

(Reporting by Simon Johnson Editing by Mark Heinrich)

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Spain's Rafael Nadal celebrates winning the final match of the French Open tennis tournament against Serbia's Novak Djokovic in three sets, 6-0, 6-2, 7-5, at the Roland Garros stadium in Paris, France, Sunday, Oct. 11, 2020. (AP Photo/Christophe Ena)

Christophe Ena/Associated Press

Rafael Nadal has had too many great moments at the French Open to count. This one may have been his best. 

Nadal destroyed Novak Djokovic in a 6-0, 6-2, 7-5 romp in Sunday’s French Open final, taking home his record 13th championship at Roland Garros and tying Roger Federer for the most Grand Slam championships in tennis history.

“What you’re doing on this court is unbelievable,” Djokovic said to Nadal on the court after the match. “Not just on this court, throughout your entire career you’ve been a great champion and today you showed why you’re King of the Clay. I’ve experienced it on my own skin.”

The Spaniard will take home a $1.9 million purse for his victory, with Djokovic bringing in $941,296. Darren Rovell of The Action Network had updated career earnings for Nadal, Federer and Djokovic.

While most favored Nadal in the hyped head-to-head, no one expected the straight evisceration that played out. Nadal knocked Djokovic out of sync from the opening game, with the Serb losing 6-0 in a Grand Slam final for the first time in his career.

The momentum never even came close to shifting in Djokovic’s favor. He broke Nadal just once in five opportunities while giving up seven breaks on 18 chances of his own. 

It was a quintessentially dominant performance from Nadal, making the world’s top-ranked player look like no tougher test than a first-round opponent.

Djokovic entered the final putting together one of the more impressive runs of tennis in recent history. He entered with a 37-1 overall record for the season, with that one loss

Spain's Rafael Nadal plays a shot against Argentina's Diego Schwartzman in the semifinal match of the French Open tennis tournament at the Roland Garros stadium in Paris, France, Friday, Oct. 9, 2020. (AP Photo/Michel Euler)

Michel Euler/Associated Press

Novak Djokovic and Rafael Nadal will meet for the ninth time in a Grand Slam final Sunday at the 2020 French Open. 

The two legendary players have not met in a title clash at a major since the 2019 Australian Open. Most of their head-to-head showdowns in Grand Slam finals occurred at the start of their reigns atop the men’s game alongside Roger Federer.  

Nadal is chasing after his 20th overall major and 13th crown on the clay at Roland Garros, while Djokovic is trying to capture his second title in Paris and 18th overall major. 

As he typically does in Paris, Nadal dominated his first six matches on the path to the final, as he won every set. 

Djokovic faced more difficulties in the previous two rounds, and he will enter at a disadvantage based off those recent struggles and Nadal’s career-long form on clay.

           

French Open Men’s Final Information

Start Time: 9 a.m. ET

TV: NBC

Live Stream: NBC Sports app or NBCSports.com

Prize Money: Winner earns $1.88 million

      

Prediction

Rafael Nadal over Novak Djokovic

All of the statistics in Nadal’s favor suggest the Spaniard will come away with his 13th Roland Garros title. 

Nadal is 17-7 against Djokovic on clay courts and 6-1 versus the Serbian at the French Open. 

Although the numbers are overwhelmingly in Nadal’s favor, he admitted that he must play a solid match against Djokovic, per ATPTour.com.

“The only thing I know is to play against Novak, I need to play my best. Without playing my best tennis, [the] situation is very difficult. I know that it’s a court that I have been playing well on for such a long time, so that helps. But at the same time, he has an amazing record here too. [He’s] one of the

Ben Pursell for Blizzard Entertainment

With a 4-2 win over the Seoul Dynasty, the San Francisco Shock have won the Overwatch League Grand Finals in consecutive seasons and cemented themselves as the greatest team in Overwatch history. 

While the sample size is too small for the “dynasty” moniker to be slung around, the Shock’s organizational culture warrants praise. After winning 2019’s championship, partly on the back of play from that season’s MVP, Sinatraa, and his fellow DPS, Architect, San Francisco was without both players in 2020’s playoffs.

As other teams have tried rotating starters, no team has found success doing so quite like the Shock. With Sinatraa leaving to pursue a professional career in Valorant and Architect being transferred to the Hangzhou Spark, both midseason, the organization’s next-man-up mantra paid dividends as midseason acquisition ANS slid into the lineup and helped carry the team to a cool $1.5 million in Grand Finals winnings.

When asked about that ability to rotate players seamlessly, the team’s main support, Moth, offered a simple explanation: “Shock’s always been a team that feels like we don’t really have bench players. Everyone has a role.”

Primarily running ANS and Striker at DPS with Moth and Viol2t on support, head coach Crusty rotated his tank line, complementing ChoiHyoBin with both Smurf and Super during their tightly contested playoff run. Here’s how the final four shook out, followed by the biggest plays and moments from the year’s most important match.

         

Thursday, October 8

Seoul Dynasty 2-3 San Francisco Shock

Philadelphia Fusion 0-3 Shanghai Dragons

         

Friday, October 9

San Francisco Shock 3-2 Shanghai Dragons

Seoul