UPSC Officers' Adda

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 to Paul R. Milgrom (Stanford University, USA) and Robert B. Wilson (both from Stanford University, USA) “for improvements to auction theory and inventions of new auction formats”

Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world.

In 1994, the US authorities first used one of their auction formats to sell radio frequencies to telecom operators. Since then, many other countries have followed suit.

Peace Nobel Prize for World Food Programme

#2020

Peace Nobel Prize for World Food Programme

The Nobel Prize in Literature 2020 was awarded to Louise Glück "for her unmistakable poetic voice that with austere beauty makes individual existence universal."

Three Laureates share this year’s Nobel Prize in Physics for their discoveries about one of the most exotic phenomena in the universe, the black hole. Roger Penrose showed that the general theory of relativity leads to the formation of black holes. Reinhard Genzel and Andrea Ghez discovered that an invisible and extremely heavy object governs the orbits of stars at the centre of our galaxy. A supermassive black hole is the only currently known explanation.

#2020