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Stanford Pair Win Nobel For Economic Ideas Driving Ebay, Cellphone Spectrum Sales

Stanford Pair Win Nobel For Economic Ideas Driving Ebay, Cellphone Spectrum Sales

by Erik Sherman

Going once, going twice—the winners of this year’s Nobel Prize in Economic Sciences are two Stanford economists whose work lets the world make mobile phone calls, switch on a light, and buy and sell on eBay.

Robert Wilson and Paul Milgrom, are famous for their groundbreaking work on auction theory. They took the 2,500-year-old practice of selling goods to the highest bidder and transformed how they worked and how the world looked at a result.

One of the major areas they developed was analysis of how the rules that govern auctions affect the efficiency of the outcomes—how bidders get the value they want, sellers maximize their income, and the process can happen more easily and quickly. Then they found ways to move beyond the fast-talking and gavel-banging stereotype of an auction and into many new types that new rules could enable.

“Sometimes the invisible hand of the market needs help,” said Scott Kominers, an associate professor of business administration at the Harvard Business School. “Historically, [economics has] been a social science that’s deeply concerned with the real world but often not directly practical. They were real visionaries in understanding how economics could play this role.”

“Their work was absolutely pivotal,” said Brennan Platt, an associate professor of economics at Brigham Young University. The two are described as brilliant and more than one person told Zenger News that each of them could have conceivably won a Nobel for his other work.

A fundamental problem of auctions is that much important information is invisible. Bidders

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Biden will win, polls say. But the stock market is sending a different signal

Biden will win, polls say. But the stock market is sending a different signal

PAUL BRANDUS



a man standing in front of a building


© AFP via Getty Images


With three weeks to go, President Trump’s re-election bid is in trouble. At least that’s what the polls show.

But it’s not what the stock market is signaling. Based on nearly a century’s worth of election-year data, Trump may yet win.

“A rising stock market tends to be a ratification of the present policies being satisfying to the investing public.” — Julian Emanuel, chief equity and derivative strategist at BTIG

Here’s the research, and it is compelling: Since 1928, whenever the S&P 500 Index (SPX) of the largest U.S. stocks has risen in the three months prior to a presidential election, the party that controlled the White House won 90% of the time.

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“If you think about it intuitively, it makes sense,” says Julian Emanuel, chief equity and derivative strategist for the investment firm BTIG who compiled the data. “Because a rising stock market tends to be a ratification of the present policies being satisfying to the investing public.”

History lines up squarely behind Emanuel. In 1928, for example, President Calvin Coolidge, a Republican, chose to retire, but stocks rose between August and November. It was the last full year of the Roaring ’20s and helped lift the new GOP standard bearer, Herbert Hoover, into the White House.

Four years later, the reverse occurred. The Great Depression, which began in the fall of 1929, dragged down stocks — including between August and November 1932 — and Hoover was crushed by Democrat Franklin D. Roosevelt.

In fact, there have been six presidential years since 1928 when the S&P 500 fell in the three months before election day. All six times, the party in the White House lost.

Video: Biden campaign resuming negative ads against President Trump (FOX News)

Biden campaign resuming negative

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Steelers’ creative scheming played a big role in the win over the Eagles

Steelers’ creative scheming played a big role in the win over the Eagles

The Steelers offense exploded for 38 points against the Philadelphia Eagles on Sunday, eclipsing the 30 point barrier for the first time since a December, 2018 game against the Los Angeles Chargers. While rookie receiver Chase Claypool was the undisputed star of the afternoon, scoring four touchdowns and looking like Calvin Johnson 2.0, offensive coordinator Randy Fichtner and assistant coach Matt Canada played important roles as well. The Steelers unveiled several creative play designs that both confused and exploited the Philadelphia defense, most impressively on their opening drive of the second half that resulted in Claypool’s third touchdown. This article breaks down the best of that drive.



a group of baseball players standing on top of a grass covered field


© Charles LeClaire-USA TODAY Sports


Leading 17-14, the Steelers opened the second half with the ball at their own 25 yard line. Ben Roethlisberger converted a 3rd and 5 from the 30 by hitting tight end Eric Ebron for a seven yard gain. On 1st and 10 from the 37, Fichtner dialed up a reverse to Ray Ray McCloud that netted 58 yards and set the Steelers up at the Philadelphia 5 yard line.

The reverse was an obvious attempt to get McCloud, who has proven to be a shifty runner in his brief tenure in Pittsburgh, into space with the football. McCloud did his part, taking the ball through a nice seam in the blocking and sprinting away from Philly’s pursuit. The timing of the call, however, and the way it played off of one of the Steelers’ core designs, were the real brilliance of the play.

Before we look at the reverse, let’s look at this play from the first quarter. The Steelers went heavy on run plays from bunch and compressed sets early on. Here, they motioned James Washington across the formation before running a counter back into the boundary,

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3 takeaways, analysis from Seattle Seahawks’ nail-biting win over Vikings

3 takeaways, analysis from Seattle Seahawks’ nail-biting win over Vikings

The Seattle Seahawks got back into the game with a blink-of-the-eye barrage in the third quarter, and finished the job with a Russell Wilson-led game-winning drive, as the team topped the Minnesota Vikings 27-26 Sunday night at CenturyLink Field in its latest dramatic win.

The Seahawks are now 5-0 for the first time in franchise history.

Here are a few takeaways from the game:

THE GAME-WINNING DRIVE

Wilson came through in the clutch  — again, like he always seems to do.

And rising second-year receiver DK Metcalf, continuing his ascent into elite status in the NFL, won the award for best supporting actor.

Spearheaded by Wilson and Metcalf, the Seahawks converted two high-pressure fourth downs on their dramatic, 94-yard, game-winning drive. Wilson connected with Metcalf on both: a 4th-and-10 conversion to keep the series alive, then later hooked up on 4th & goal for the game-clinching touchdown with 20 seconds left in the game.

It marked Wilson’s 34th game-winning drive in the fourth quarter or overtime since he entered the NFL in 2012, which tops the league in that span.

And the Wilson-Metcalf connection continues to blossom. Six of Wilson’s final nine passing attempts on the game-winning series went to Metcalf.

“(Metcalf) totally believes in himself, and he’s building up a reservoir of reasons why he should and he continues to make things happen,” coach Pete Carroll said postgame. “He has a great partner in Russ, who believes in him and trusts him.”

The Seahawks’ final drive looked dead at first; the opportunity to win slipping away. After a big scramble for first down at the 1:57 mark by Wilson, Seattle stalled. Wilson misfired to receiver David Moore. Then he misfired

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Instant analysis: Three impressions from the Seahawks’ Week 5 win vs. the Vikings

Instant analysis: Three impressions from the Seahawks’ Week 5 win vs. the Vikings

Three immediate impressions from the Seahawks’ 27-26 victory over the Minnesota Vikings on Sunday night at CenturyLink Field:

They’re 5-0

Just another Seahawks Sunday, eh?

There is a lot to dissect from this one, certainly. Russell Wilson threw a fourth-quarter interception … and when was the last time he didn’t come through in the clutch?

Let us cook up an answer for that: Never!

Wilson and the Seahawks appeared done after he was intercepted by Vikings linebacker Eric Wilson with 5:56 left. The Vikings offense then drove to the Seattle 6-yard line and had a chance to put the game away, only for Bobby Wagner and Benson Mayowa to combine on a fourth-and-1 tackle of Alexander Mattison.

That gave Wilson one last chance to go for the win with 1:57 left and 94 yards to go.

The Seahawks got there. Because of course they did.

DK Metcalf came up with a ridiculous 39 yard, jump-ball catch on fourth-and-10 to keep the drive alive. The second-year sensation then dropped a sure touchdown catch in the right front corner of the end zone, only to come back two plays later and make a diving catch across the middle on fourth down — on the winning 6-yard throw from Wilson with 15 seconds left.

At this point, this team has conditioned us to expect this kind of drama every week. How much longer can your heart take this?

Keep away from Russ

Seattle’s offense was spotty, at best, on Sunday night. Chris Carson had just eight carries (for 52 yards and, it should be noted, brilliant 29-yard touchdown run during a dizzying third quarter). DK Metcalf and Tyler Lockett each had three catches. Sure, the offense didn’t have the ball long enough to get into much of a rhythm, but it also didn’t

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