Stanford Economists Milgrom Wilson Win Nobel Prize
Two Americans from Stanford University won the Nobel Prize in economics for advancing auction theory. Milgrom and Wilson, longtime collaborators and neighbors, developed methods to price and allocate scarce goods such as radio spectrum and electricity, influencing online ads and government auctions worldwide. They highlighted the winner's curse and the need for prior information to improve auction outcomes.
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Markets rise as tech powers gains in broad rally
Stocks extended gains with the S&P 500 up 1.6 percent and the Dow and Nasdaq climbing. Big tech names like Apple and Microsoft led the advance amid a global rally while lawmakers remain at odds over a new stimulus package.
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