Category Archives: Nobel economics prize

Nobel Foundation reverses decision to invite Russian ambassador to awards

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Foundation backtracks on earlier announcement that representatives from Russia, Belarus and Iran would be invited

The Nobel Foundation has reversed its decision to invite ambassadors from Russia and Belarus to this year’s Nobel awards ceremony in Stockholm after the invitation sparked anger.

In 2022, the Nobel Foundation, which organises the annual Nobel prize ceremony and banquet in Stockholm, decided not to invite the Russian and Belarusian ambassadors to the awards event because of the war in Ukraine.

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Nobel economics prize jointly awarded to labour market expert David Card

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Canadian-born academic wins prize with Joshua Angrist and Guido Imbens

A labour market expert whose work influenced the introduction of the UK’s minimum wage has been named as a joint winner of the Nobel economics prize.

David Card, a Canadian-born economist, was one of three US-based academics given the prestigious award for their work on whether economic theory is supported by real-life situations.

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Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work – business live

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Rolling coverage of the latest economic and financial news, as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is awarded

Earlier:

In the 1960s, Robert Wilson began to investigation auctions with a common value - one that is unknown beforehand, but is the same to all bidders, the Academy continues.

That could be bidding for fishing quotas - where the value is determined by not only the quota, but the future value of the fish. Bidders need to estimate that value, so they could potentially overpay.

This is something known as the Winner’s Curse.

Auctions are everywhere. People use auctions to buy and sell items on internet sites, explains the Royal Academy.

Electricity markets are organized as auctions. Financial assets, CO2 emissions allowances and radio spectrum are all organised as auctions.

The auction theory provided by Paul Milgrom and Robert Wilson is key for understanding how these objectives can be reached.

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