Alabama Vol.8 (corporations: Motion Industries)

Texas Vol.17 (corporations: Kimberly-Clark)

World Vol.56 (U.S., etc.)

World Vol.52 (U.S.)

2020 Nobel Economic Sciences Laureates (Professors Paul Milgrom and Robert Wilson)

Excerpts are on our own.

Economics Nobel for auctions rewards work that has modern-age urgency: Studies by Paul Milgrom and Robert Wilson on how auctions can be made more efficient are, unexpectedly, used everywhere, every day. (13/10/2020) | @nature
…for example, in a so-called “English auction” the item on offer simply goes to the highest bidder; whereas in a “Dutch auction” the selling starts from a high price, and bidders submit the price they are willing to pay. …
One problem is that different bidders can have different degrees of knowledge about an item for sale. For example, in a property auction, all bidders for a property will have access to some public information such as its resale value. But other kinds of information — such as hidden structural damage — will be private and not known to everyone.
A bidder who does not have such information might end up overpaying if they want to buy the property. They might be able to infer what others know about the value if bids are public – and people start to drop out – but not if bids are private.
…if information about a property is highly uncertain — if the nature of the neighbourhood is rapidly changing, say — that could make buyers cautious and reduce the seller’s profit. In the 1980s, Milgrom — a former doctoral student of Wilson’s — developed models (partly in conjunction with Robert Weber of Northwestern University) that showed there is then an incentive for sellers to gather and share expert information with bidders, within different auction formats. …
…sellers are vulnerable to collusion between buyers to keep the buying price down. Wilson’s work in the 1970s helped to identify these problems and to design new auctions to avoid them…
…Milgrom and Wilson (and independently, McAfee) devised the simultaneous multiple-round auction (SMRA). …a chance to glean something about others’ private information while bidding, creating fairer and more efficient outcomes.

Nobel Prize in economics awarded to Paul Milgrom and Robert Wilson for auction theory | Auctiometrix
The quest for the perfect auction (PDF) | POPULAR SCIENCE BACKGROUND @ The Royal Swedish Academy of Sciences
Robert Wilson…how bidders behave in such circumstances. …the optimal bidding strategy for a first-price auction when the true value is uncertain. Participants will bid lower than their best estimate of the value, to avoid making a bad deal and thus be aficted by the winner’s curse. …with greater uncertainty, bidders will be more cautious and the final price will be lower. …the problems caused by the winner’s curse are even greater when some bidders have better information than others. Those who are at an information disadvantage will then bid even lower or completely abstain from participating in the auction.
Milgrom’s analysis – partly with Robert Weber…how well diferent auction formats deal with the problem of the winner’s curse. In an English auction, the auctioneer starts with a low price and raises it. Bidders who observe the price at which other bidders drop out of the auction therefore obtain information about their valuations; as the remaining bidders then have more information than at the start of the auction, they are less prone to bid below their estimated value. On the other hand, a Dutch auction, where the auctioneer starts with a high price and reduces it until someone is willing to buy the object, does not generate any new information. The problem with the winner’s curse is thus greater in Dutch auctions than in English auctions, which results in lower fnal prices.
Radio frequencies… initially done through a process known as a beauty contest, in which companies had to provide arguments for why they, in particular, should receive a licence. This process meant that telecom and media companies spent huge amounts of money on lobbying. The revenue generated by the process was limited, however.
…replaced by an entirely random allocation of licences, which likewise generated only limited income for the government.
… Finally, in 1993, it was decided that frequency bands would be distributed using auctions.
…(SMRA). This auction offers all objects (radio frequency bands in diferent geographic areas) simultaneously. By starting with low prices and allowing repeated bids, the auction reduces the problems caused by uncertainty and the winner’s curse. When the FCC frst used an SMRA in July 1994, it sold 10 licences in 47 bidding rounds for a total of 617 million dollars – objects which the American government had previously allocated practically for free.
…reduce the opportunities for manipulation and cooperation between bidders. Milgrom is one of the architects of a modifed auction (the Combinatorial Clock Auction) in which operators can bid on “packages” of frequencies, rather than individual licences. This type of auction requires signifcant computational capacity, as the number of possible packages grows very quickly with the number of frequencies for sale. Milgrom is also a leading developer of a novel format with two rounds (the Incentive Auction). In the frst round, you buy radio spectra from current licence-holders. In the second round, you sell these relinquished frequencies to other actors who can manage them more efciently.

A Nobel Prize for Auction Theory: Paul Milgrom and Robert Wilson | @TimothyTTaylor

Economics Nobel winners Paul Milgrom and Robert Wilson: Designing the right auction to solve conundrums | Financial Express

Michigan Vol.11 (corporations: Stryker)

World Vol.50 (U.S., New Zealand, U.K., Australia, etc.)

Massachusetts Vol.21 (corporations: Thermo Fisher Scientific)

World Vol.46

Texas Vol.15

World Vol.45

Alaska Vol.9

World Vol.40

Science and Technology Vol.34 (#coronavirus, #telemedicine, #bigdata, etc.)

Science and Technology Vol.32

World Vol.32

The US Is Officially in Recession Thanks to The Corona Virus Crisis (06/16/2020) | Jeffrey Frankel @guardian
… Readers are often surprised to learn that the task of declaring a recession in the US falls to a panel of economists who consider a wide variety of indicators. Most other advanced economies, after all, define a recession as simply two consecutive quarters of negative GDP growth. But the US isn’t the only country to go beyond the two-quarters rule. The Japanese government also considers other indicators in its official business-cycle chronology. And private committees in other domains – including the eurozone, Canada, Spain, and Brazil – date business cycles by looking at a wider variety of economic indicators, though without garnering as much attention from the media or official government bodies. …
Keller @ Large: Harvard Economist Warns Of Roller Coaster Economy (w Video; 05/14/2020) | @wbz
The Briefing Room – Coronavirus and the Economy (Radio; 07/05/2020) | @BBC
Deregulate for the coronavirus recovery: The Office of Information and Regulatory Affairs should think hard about which rules to enforce. (0503/2020) | Adam J. White @WSJ
Harvard’s Reinhart and Rogoff Say This Time Really Is Different: The professors, whose 2009 book showed that financial crises often follow similar patterns, spoke to us about what’s happening in 2020. (05/18/2020) | Simon Kennedy @markets
Firms won’t give up on globalization but will ‘redesign’ supply chains: Trade expert (Video; 06/12/2020) | Robert Lawrence @BNNBloomberg
Evaluating the success of President Johnson’s War on Poverty: Revisiting the historical record using a full-income poverty measure (w PDFs; 12/09/2019) | Richard Burkhauser, Kevin C. Corinth, James Elwell, Jeff Larrimore @AEI
3 charts showing good news about American wage growth (01/07/2020) | James Pethokoukis @AEI
The ‘new normal’: Thoughts about the shape of things to come in the post-pandemic world (04/19/2020) | Nicholas Eberstadt @NBRnews
A Seven-Point Checklist for Reopening the Economy: There will be setbacks, and Congress has to commit to propping up the economy over the long term. (04/15/2020) | Michael R. Strain @bpolitics
First, acknowledge that the shutdown was the right thing to do. …
Then the U.S. needs to decide what its goals are
policy makers need to be comfortable discussing the trade-off between lives and economic outcomes. …
The fourth principle: The U.S. will need to act without having all the necessary information. …
A regional opening strategy can depend on governors. …
The sixth principle is to accept the ebbs and flows of progress. …
Finally, Congress should be prepared to continue its attempts to rescue the economy over the longer term. …
National Digital Currencies: The Future of Money? (06/2020) | Aditi Kumar, Jeremy Ney, Eve Lee, Victor Ji @BelferCenter
The City-Sized Hole in U.S. GPS Planning (w PDF; 11/21/2019) | @BelferCenter
Privacy and the four categories of information technology (w PDF; 05/26/2020) | Jim Harper @AEI
The coronavirus could imperil Putin’s presidency: Russia entered the crisis with a stagnant economy, and its oil-price war with the Saudis isn’t helping. (04/23/2020) | Leon Aron @WSJ
Oil’s Collapse Is a Geopolitical Reset In Disguise (04/29/2020) | Meghan L. O’Sullivan @bopinion
Russia’s Stock Market Rallies But Still Not a Source of Long-Term Capital (12/12/2019) | Ben Aris @russia_matters
In Depth with Yuval Levin: Author and American Enterprise Institute scholar Yuval Levin talked about U.S. political history and the political divide in the country today. He’s the author of “The Great Debate,” “The Fractured Republic,’ and “A Time to Build.” (Video; 06/07/2020) | @cspan
Three Americas and the pandemic, Part III: Small cities, towns, and the countryside (06/09/2020) | Charles Murray @AEI
Biden’s Bad Foreign-Policy Ideas: The former vice president lacks a consistent philosophy of when and how to use military force. (06/07/2020) | Kori Schake @TheAtlantic
What Policymakers Should Ask Modelers (04/21/2020) | Afreen Siddiqi, Kaveri Iychettira @ProSyn
How Will COVID-19 Affect the Transatlantic Relationship? (05/01/2020) | Nicholas Burns, Cathryn Clüver Ashbrook, David E. Sanger, Amanda Sloat, Torrey Taussig @BelferCenter
The World’s Weakest Strongman (06/06/2020) | Stephen M. Walt @ForeignPolicy
The United States Forgot Its Strategy for Winning Cold Wars (05/05/2020) | Stephen M. Walt @ForeignPolicy
Will a Global Depression Trigger Another World War? (05/13/2020) | Stephen M. Walt @ForeignPolicy
No, the Coronavirus Will Not Change the Global Order: We should be skeptical toward claims that the pandemic changes everything. China won’t benefit, and the United States will remain preeminent. (04/16/2020) | Joseph S. Nye @ForeignPolicy
American Exceptionalism in the Age of Trump (06/05/2020) | Joseph S. Nye @ProSyn
So Do Morals Matter in U.S. Foreign Policy? I Asked the Expert. (04/24/2020) | Joseph S. Nye @washingtonpost
How COVID-19 is Testing American Leadership (04/26/2020) | Joseph S. Nye @east_asia_forum
Breaking the Ice: How France and the UK Could Reshape a Credible European Defense and Renew the Transatlantic Partnership (w PDF; 05/2020) | Adrien Abecassis, Jolyon Howorth @BelferCenter
A divided Europe’s China challenge (26/11/2019) | Philippe Le Corre @east_asia_forum
“Maxwell Taylor’s Cold War: From Berlin to Vietnam” by Ingo Trauschweizer (05/2020) | Nathaniel L. Moir @ Michigan War Studies Review
Niall Ferguson: ‘Now We Are in Cold War II’ (04/28/2020) | @ekathimerini
Donald Trump Could Lose the Election by Authorizing a New Nuclear Weapons Test (06/23/2020) | Stephen Herzog, Benoît Pelopidas, Jonathon Baron, Fabrício Fialho @TheNatlInterest
Why Israel’s annexation of parts of the West Bank would be a historic mistake (06/22/2020) | Tzipi Livni @washingtonpost
Tzipi Livni is a former minister of foreign affairs for Israel.
South China Sea of troubles: In 2020 the world should pay more attention to the South China Sea (11/2019) | Oriana Skylar Mastro @TheEconomist
Russian jokes tell the brutal truth: In a repressive society, dark political jokes allow regular people to describe what they see with their own eyes. (11/29/2019) | Leon Aron @TheAtlantic
Who ‘Defeated’ ISIS? An Analysis of US and Russian Contributions (05/06/2020) | Domitilla Sagramoso @russia_matters
The decline of religion in American family life: Findings from the November 2019 American Perspectives Survey (12/11/2019) | Daniel A. Cox, Jacqueline Clemence, Eleanor O’Neil @AEI
How States Like Virginia Go Blue (11/08/2020) | Matthew Continetti @FreeBeacon
… President Trump so dominates the popular imagination that every election result is described in relation to his job approval and conduct in office. … But the story of this particular Democratic winning streak is less about Trump than it is about long-running demographic and cultural transformation. He catalyzed changes decades in the making. …
One reason why UI benefit payments remain low: The lingering effects of Obama-era stimulus policies (11/26/2019) | Matt Weidinger @AEI

World Vol.31

Australia Vol.26 (University of Queensland)

Australia Vol.23 (corporations)


Australia Vol.22 (corporations)