Oct 12, 2020 - Economy & Business

Stanford economists win Nobel Prize for auction theory

Tommy Andersson, a member of the Nobel committee, at today’s announcement in Stockholm. Photo: Anders Wiklund/TT News Agency/AFP via Getty Images

Two Stanford professors, Paul Milgrom and Robert Wilson, on Monday won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."

Why it matters: New auction formats have been used for radio spectrum, fishing quotas, aircraft landing slots and emissions allowances, Reuters reports.

What they're saying: "The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society," the academy said.

  • The pair has "improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world."

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Volunteer fighters in Stepanakert, the capital of Nagorno-Karabakh. Photo: Aris Messinis/AFP via Getty Images

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Why it matters: Nearly 5,000 people have been killed, according to Vladimir Putin’s rough estimate, including more than 100 civilians. Between 70,000 and 100,000 more are believed to have fled the fighting.

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Japan's big new climate goal

Climate protest in Tokyo in November 2019. Photo: Carl Court/Getty Images

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Why it matters: Japan is the world's fifth-largest source of carbon emissions. The new goal announced by Prime Minister Yoshihide Suga is stronger than the country's previous target of becoming carbon neutral as early as possible in the latter half of the century.

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