|
Paul Milgrom
Paul Robert Milgrom (born April 20, 1948) is an American economist. He is the Shirley and Leonard Ely Professor of Humanities and Sciences at the Stanford University School of Humanities and Sciences, a position he has held since 1987. He is a professor in the Stanford School of Engineering as well and a Senior Fellow at the Stanford Institute for Economic Research. Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is the winner of the 2020 Nobel Memorial Prize in Economic Sciences, together with Robert B. Wilson, "for improvements to auction theory and inventions of new auction formats". He is the co-creator of the no-trade theorem with Nancy Stokey. He is the co-founder of several companies, the most recent of which, Auctionomics, provides software and services for commercial auctions and exchanges. Milgrom and his thesis advisor Wilson designed the auction protocol the FCC uses to determine which phone company gets what cellu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Detroit
Detroit ( , ) is the List of municipalities in Michigan, most populous city in the U.S. state of Michigan. It is situated on the bank of the Detroit River across from Windsor, Ontario. It had a population of 639,111 at the 2020 United States census, 2020 census, making it the List of United States cities by population, 26th-most populous city in the United States and the largest U.S. city on the Canada–United States border. The Metro Detroit area, home to 4.3 million people, is the second-largest in the Midwestern United States, Midwest after the Chicago metropolitan area and the 14th-largest in the United States. The county seat, seat of Wayne County, Michigan, Wayne County, Detroit is a significant cultural center known for its contributions to music, art, architecture and design, in addition to its historical automotive and industrial background. In 1701, Kingdom of France, Royal French explorers Antoine de la Mothe Cadillac and Alphonse de Tonty founded Fort Pontc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Joshua Gans
Joshua Gans holds the Jeffrey Skoll Chair in Technical Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto. Until 2011, he was an economics professor at Melbourne Business School in Australia. His research focuses on competition policy and intellectual property protection. He is the author of several textbooks and policy books, as well as numerous articles in economics journals. He operates two blogs: one on economic policy, and another on economics and parenting. Born in 1968, he spent the first 11 years of his life in Sydney (attending Vaucluse Public School before moving to Brisbane in 1979. He attended the private boys Brisbane Grammar School before receiving a Bachelor of Economics (Honours) and the University Medal from the University of Queensland, and later attended Stanford University for his PhD in economics. His supervisors were Paul Milgrom, Kenneth J. Arrow and Avner Greif. He graduated from Stanford in 1995; having already retu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
No-trade Theorem
In financial economics, the no-trade theorem states that if # markets are in a state of efficient equilibrium # there are no noise traders or other non-rational interferences with prices # the structure by which traders or potential traders acquire information is itself common knowledge then even though some traders may possess private information, none of them will be in a position to profit from it. The assumptions are deliberately unrealistic, but the theorem may nonetheless be pertinent to debates over inside information. It was demonstrated by Paul Milgrom and Nancy Stokey in their 1982 paper, "Information, trade and common knowledge". Informal explanation The idea behind the proof of the no-trade theorem is that if there is common knowledge about the structure of a market, then any bid or offer (i.e. attempt to initiate a trade) will reveal the bidder's private knowledge and will be incorporated into market prices even before anyone accepts the bid or offer, so no prof ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Auction
An auction is usually a process of Trade, buying and selling Good (economics), goods or Service (economics), services by offering them up for Bidding, bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different #Types, types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse #Contexts, contexts. These contexts include antiques, Art auction, paintings, rare collectibles, expensive wine auction, wines, commodity, commodities, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
2020 Nobel Memorial Prize In Economic Sciences
The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom (born 1948) and Robert B. Wilson (born 1937) "for improvements to auction theory and inventions of new auction formats." According to the Nobel Committee, the recognition was given because "their theoretical discoveries have improved auctions in practice."– The Prize in Economic Sciences 2020 nobelprize.org Furthermore, Secretary Hansson said: Their joint key contributions to economics were the development of the simultaneous multiple round auctions (SMRA) and the reputation effects (game theory). Milgrom's personal contributions were on the no-trade theorem, market design, supermodular games, monotone comparative statics, Linkage principle, and deferred-acceptance auction, wher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Auction Theory
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions Incentivisation, incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The confluence of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues that can lead to market failure. The design of these rulesets encourages optimal bidding strategies in a variety of informational settings. The 2020 Nobel Prize for Economics was awarded to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new Auction#Types, auction formats." Introduction Auctions facilitate transactions by enforcing a specific set of rules regarding the resource allocations of a group of bidders. Theorists consider auctio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Game Theory
Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of Human behavior, behavioral relations. It is now an umbrella term for the science of rational Decision-making, decision making in humans, animals, and computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, regulatory impact analysis and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Technology And Engineering Emmy Awards
The Technology and Engineering Emmy Awards, or Technology and Engineering Emmys, are one of two sets of Emmy Awards that are presented for outstanding achievement in engineering development in the television industry. The Technology and Engineering Emmy Awards are presented by the National Academy of Television Arts and Sciences (NATAS), while the separate Primetime Engineering Emmy Awards are given by its sister organization the Academy of Television Arts & Sciences (ATAS). A Technology and Engineering Emmy can be presented to an individual, a company, or to a scientific or technical organization for developments and/or standardization involved in engineering technologies which either represent so extensive an improvement on existing methods or are so innovative in nature that they materially have affected the transmission, recording, or reception of television. The award is determined by a special panel composed of highly qualified, experienced engineers in the television indus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Golden Goose Award
The Golden Goose Award is a United States award in recognition of scientists whose federally funded basic research has led to innovations or inventions with significant impact on humanity or society. Created by Congressman Jim Cooper of Tennessee in 2012, recipients receive the award in a ceremony during the fall each year on Capitol Hill in Washington D.C. Background Between 1975 and 1988, William Proxmire, a Democratic United States Senator for Wisconsin awarded the tongue-in-cheek Golden Fleece Awards to public officials for spending public money in ways he considered irresponsible or wasteful. These awards were often given to scientists working on seemingly obscure federally funded scientific studies causing ridicule and scrutiny of the usefulness of such research. The Golden Goose Awards were established over two decades later in order to highlight the value of federally-funded basic research. With the Golden Goose Award, Cooper wanted to reverse the image created by Proxmi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
BBVA Foundation Frontiers Of Knowledge Awards
The BBVA Foundation Frontiers of Knowledge Awards () are an international award programme recognizing significant contributions in the areas of scientific research and cultural creation. The categories that make up the Frontiers of Knowledge Awards respond to the knowledge map of the present age. As well as the fundamental knowledge that is at their core, they address developments in information and communication technologies, and interactions between biology and medicine, ecology and conservation biology, climate change, economics, humanities and social sciences, and, finally, contemporary musical creation and performance. Specific categories are reserved for developing knowledge fields of critical relevance to confront central challenges of the 21st century, as in the case of the two environmental awards. The awards were established in 2008, with the first set of winners receiving their prizes in 2009. The BBVA Foundation – belonging to financial group BBVA – is partnered in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
