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Paul R. 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 cellul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Detroit
Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at the 2020 census, making it the 27th-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area, and the 14th-largest in the United States. Regarded as a major cultural center, Detroit is known for its contributions to music, art, architecture and design, in addition to its historical automotive background. ''Time'' named Detroit as one of the fifty World's Greatest Places of 2022 to explore. Detroit is a major port on the Detroit River, one of the four major straits that connect the Great Lakes system to the Saint Lawrence Seaway. The City of Detroit anchors the second-largest regional economy in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joshua Gans
Joshua Gans holds the Jeffrey Skoll Jeffrey Stuart Skoll, OC (born January 16, 1965) is a Canadian engineer, billionaire internet entrepreneur and film producer. He was the first president of eBay, eventually using the wealth this gave him to become a philanthropist, particularly ... 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 (Hono ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Software
Software is a set of computer programs and associated documentation and data. This is in contrast to hardware, from which the system is built and which actually performs the work. At the lowest programming level, executable code consists of machine language instructions supported by an individual processor—typically a central processing unit (CPU) or a graphics processing unit (GPU). Machine language consists of groups of binary values signifying processor instructions that change the state of the computer from its preceding state. For example, an instruction may change the value stored in a particular storage location in the computer—an effect that is not directly observable to the user. An instruction may also invoke one of many input or output operations, for example displaying some text on a computer screen; causing state changes which should be visible to the user. The processor executes the instructions in the order they are provided, unless it is instructed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nancy Stokey
Nancy Laura Stokey (born May 8, 1950) has been the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago since 1990 and focuses particularly on mathematical economics while recently conducting research about Growth Theory, economic dynamics, and fiscal/monetary policy. She earned her BA in economics from the University of Pennsylvania in 1972 and her PhD from Harvard University in 1978, under the direction of thesis advisor Kenneth Arrow. She is a Fellow of the Econometric Society, the American Academy of Arts and Sciences and the National Academy of Sciences. She previously served as a co editor of ''Econometrica'' and was a member of the Expert Panel of the Copenhagen Consensus. She received her Honorary Doctor of Laws (L.L.D) in 2012 from the University of Western Ontario. Much of her work has been done by digesting economic dynamics, which most of this work is done as an expositor. She spent a great deal of time recently researching gr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 profi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of buying and selling goods or services by offering them up for 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. 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. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2020 Nobel Memorial Prize In Economic Sciences
The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom (b. 1948) and Robert B. Wilson (b. 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 |
Auction Theory
Auction theory is an applied branch of economics which deals with how bidders act in auction markets and researches how the features of auction markets 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 conference of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues which can lead to market failure. The design of these rulesets encourages optimal bidding strategies among 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. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game 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 mathema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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, mathematical finance 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 assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 Party (United States), Democratic United States Senate, United States Senator for Wisconsin awarded the tongue-in-cheek Golden Fleece Awards to public officials for squandering public money. These awards were often given to scientists working on seemingly obscure studies that were federally-funded, 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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