It was in the middle of the night and the Nobel Prize committee couldn’t reach their 2020 economic sciences winner, Detroit-born professor Paul Milgrom. 



a screenshot of a computer screen: Winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 at a press conference in Stockholm, Monday Oct. 12, 2020. Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for "improvements to auction theory and inventions of new auction formats."


© Anders Wiklund/TT via AP
Winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2020 at a press conference in Stockholm, Monday Oct. 12, 2020. Americans Paul R. Milgrom, left, and Robert B. Wilson have won the Nobel Prize in economics for “improvements to auction theory and inventions of new auction formats.”

Luckily, Milgrom’s co-winner is also his neighbor.

According to Stanford University, where the winning duo currently teaches, Robert Wilson trekked to Milgrom’s house in the middle of the night, knocking incessantly to tell him the good news. 

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You can watch that moment, and the Michigan-raised winner’s stunned reaction, below.

Milgrom was born in

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The Nobel Prize gold medal during manufacture at the Swedish Mint. Each laureate receives the medal, which has the likeness of Alfred Nobel on its face.

Markus Marcetic/Courtesy of Myntverket (Swedish Mint)


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Markus Marcetic/Courtesy of Myntverket (Swedish Mint)

Going once. Going twice.

Auctions are at the heart of this year’s Nobel Memorial Prize in Economic Scientists. The winners — Stanford University professors Paul Milgrom and Robert Wilson — were recognized “for improvements to auction theory and inventions of new auction formats.”

They designed the auction the FCC used to sell radio spectrum to wireless telephone companies, raising more than $120 billion for something the government used to give away for free.

“Auctions are everywhere and affect our everyday lives,” the prize committee said in a statement. Milgrom and Wilson’s work “benefit[s] sellers, buyers and taxpayers around the world.”

Many of the questions in auction theory revolve

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A Jobcentre Plus in London.

A Jobcentre Plus in London. Photograph: Yui Mok/PA

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Britain faces a surge in unemployment before Christmas, economists fear, as business struggle under lockdown restrictions and the government prepares new rules for areas where Covid-19 is the biggest threat.

The CEBR thinktank is warning this morning that at least 1.25 million more people are at risk of losing their jobs by Christmas, as it hikes its Christmas unemployment forecast.

With Covid-19 still battering the economy, more companies will be forced to lay staff off – particularly those who were furloughed since the lockdown.

As CEBR warns…


The job market outlook is negative for the coming months…

…the coming winter looks set to be a tough one.

That would push the jobless total towards three million – up from 1.4m this summer. It

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