This was a Nobel year unlike any in recent memory, since the Covid pandemic prevented the festivities from being held in Stockholm as they usually are. The Nobel lectures by Milgrom and Wilson were recorded at Stanford, and they received their medals from the Swedish consul in a private ceremony.
Here's the text of the Award Ceremony Speech by Tommy Andersson
Here's Bob Wilson's Nobel lecture:
Here's Paul Milgrom's Nobel lecture:
Paul Milgrom posted some reflections on his website:
- "It was the first to be awarded outdoors and the first outside of Stockholm.
- It was the first economics prize awarded to a student (Paul) with his disseration adviser (Bob).
- It was the first awarded jointly to two people living across the street from one another.
- Paul became the first to give TWO Nobel prize lectures, having already lectured on behalf of Vickrey in 1996.
- The backyard ceremony was held behind a residence that had housed two economics laureates (Paul Milgrom & Joe Stiglitz), plus 3-time SuperBowl winning coach Bill Walsh!
"Also unusual is that, by focusing on Paul's auction contributions, the Nobel Committee had left unmentioned ten of Paul's twelve most highly cited publications."
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Here's an essay by Jacob Goeree:
"there are many cases where the “invisible hand” does not work. Prof. Wilson’s analysis of the winner’s curse in common-value auctions is a prominent example. “Sometimes the invisible hand needs a bit of help, and that’s where market design comes in – for instance, making sure bidders can update their value estimates during the bidding process itself”
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Here (live streamed today on Dec. 16) is an event originating in Vienna, including a video interview in which I talk to Ben Greiner. (It starts at 6pm CET, i.e. 9am PST):
"This event is being organized by the WU Department of Economics
"Nobel Prizes are awarded every year in December, on the anniversary of Alfred Nobel’s death. Nobel laureates are celebrated in the media, but hardly anyone knows anything about the research that goes on behind the scenes. We plan to change that. In cooperation with experts, we will be introducing the work of the winners of this year’s Nobel Prize in Economic Sciences in terms that even laypeople can understand. We will analyze the innovative power of the work and discuss its significance and potential applications in practice.
Welcoming words: Tatjana Oppitz, Vice-Rector for Infrastructure and Digitalization
Discussion: Maarten Janssen, Professor of Economics, University of Vienna
Maarten Janssen is Professor of Microeconomics at the University of Vienna. Among many others, his research interests are in the fields of game theory, industrial organization and competition policy, and in particular auctions. He is particularly interested in the implications of information asymmetries in markets and market design.
Stefan Felder, Rundfunk und Telekom Regulierungs-GmbH: RTR
Stefan Felder studied at Technical University and University of Economics and Business in Vienna. He worked in the telecommunications industry and at the University of Vienna. As of 1998, he has been a member of the Austrian Regulatory Authority for Broadcasting and Telecommunications (RTR). He is an expert on spectrum auctions, competition analysis, and mobile communications. He is Head of Spectrum and Mobile Market at RTR.
Moderation: Maria Marchenko, WU
Maria Marchenko is an Assistant Professor at the WU Department of Economics. Her research lies in the fields of applied and theoretical econometrics using state-of the art techniques and theoretical concepts with applications to networks and labor market.
Video interview: Alvin E. Roth, Winner of the Nobel Prize 2012; Professor of Economics, Stanford University
Alvin E. Roth is Professor of Economics at Stanford University. In 2012, he won the Nobel Prize in Economic jointly with Lloyd Shapley “for the theory of stable allocations and the practice of market design.’’
Update: here's the video: https://www.youtube.com/watch?v=oE2e6HynPvg&feature=youtu.be
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