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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Women in the spotlight who willingly share their experiences with weight loss are often unfairly critiqued for feeding into a narrative that “thin is better,” while others who embrace their curves are labeled “unhealthy.”

Seriously, people. Let’s stop trying to police women’s bodies.

Rebel Wilson dubbed 2020 her “Year of Health” back in January, and she’s been proudly posting about her efforts ever since.
I wrote about Wilson celebrating her fit physique this week and drew immediate ire from some who felt the coverage suggested there is something wrong with being bigger.

While I understand the concerns, nuance, apparently, doesn’t come easy to the internet.

Passing judgment on stars who lose weight (or gain weight) is an unfortunate pastime we can’t seem to quit. Here are just a few celebs who have been through it.

Adele: Her recent physical transformation sparked claps, eyerolls and complaints that she is now “too thin.”

The criticism when she first found fame was that she was too big. Either way, she’s beautiful, talented and an artist who is easy to admire.
Melissa McCarthy: The former “Gilmore Girls” star used her experience being zaftig to launch a plus-size clothing line years ago. I remember when she first started shedding pounds, someone on Twitter questioned if she’d still be as funny as a thinner woman. Ridiculous.

Lizzo: The singer fully embraces her fullness, and that has led many people to sign her up as the poster woman for big-girl acceptance.

But hailing Lizzo just for her body positivity ignores the reality that she would be a success at any size.

Zac Efron: Women aren’t the only ones who have to deal with comments about their bodies.

To some, the actor is looking slightly different on his Netflix travel series, “Down to Earth with

History won’t only be taught at Princeton University — it will be made.

The Ivy League college is naming a residential college after Mellody Hobson, an influential finance expert who is an alumna and major donor to the school.

She will be the first Black woman to have that honor in the Elizabeth, New Jersey-based school’s 274-year history.

Hobson College will be built on a site once named for former President Woodrow Wilson, who served as the commander-in-chief from 1913 to 1921.

Amid America’s racial reawakening following the death of George Floyd in police custody in Minneapolis, Princeton announced that it would remove the late Democratic politician’s name from its School of Public and International Affairs and one of its residential colleges, citing his “racist thinking and policies.”

“No one from my family had graduated from college when I arrived at Princeton from Chicago, and yet even as I looked up at buildings named after the likes of Rockefeller and Forbes, I felt at home,” Hobson, a member of Princeton’s Class of 1991, said. “My hope is that my name will remind future generations of students — especially those who are Black and brown and the ‘firsts’ in their families — that they too belong. Renaming Wilson College is my very personal way of letting them know that our past does not have to be our future.”

On Thursday, the prestigious school announced that Hobson, who is the co-CEO of Ariel Investments and a former CBS News contributor, have made the lead gift to establish a new residential college which will begin construction in 2023 with plans to open in 2026.

“This extraordinary gift will be transformative for Princeton,” President Christopher L. Eisgruber shared. “It will enable us to improve the student experience at Princeton and to reimagine a central