The 2020 Nobel Prize in Economics was on Monday awarded to American economists, Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats”.
According to the Royal Swedish Academy of Science, Wilson has awarded this year’s Prize in Economic Sciences as he “showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse – that is, about paying too much and losing out”.
Meanwhile, Milgrom “formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder”.
Milgrom and Wilson are both from Stanford University.
“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,” says Peter Fredriksson, chair of the Prize Committee.
Dalai Lama lauds World Food Programme for Nobel prize
IANS reports from Dharamsala: Tibetan spiritual leader the Dalai Lama on Saturday congratulated the World Food Programme (WFP) for being awarded the Nobel Peace Prize, saying hunger and poverty can only be eliminated on the basis of international cooperation.
In a letter to WFP Executive Director David Beasley, the Dalai Lama, winner of Nobel Peace Prize in 1989, said, “This is a recognition of the organisation’s vital role in reducing hunger in the world.
“Through its actions to address poverty, hunger and malnutrition, whether they arise due to conflict or natural disasters, the WFP is bringing help to the most vulnerable and needy. It brings peace and comfort where often there is only desperation.
“The Nobel committee’s honouring of WFP is also a reminder to all of us of our responsibility to do what we can to narrow the gap between rich and poor.”
He further said: “As the current global health crisis reminds us, threats to the whole human family have to be addressed by us all, since we all want to be happy and free from suffering.
“Hunger and poverty can only be eliminated on the basis of international cooperation. As a firm believer in the oneness of humanity, it is my fervent hope that the award of this year’s Nobel Peace Prize to the World Food Programme will inspire an intensification of efforts to ensure that nobody is left to die of hunger anywhere.”
The Dalai Lama ended by taking the opportunity to express his personal gratitude to the many members of the WFP, people on the ground, as well as officials, for the tremendous humanitarian work they do.
