Why Paul Milgrom Won The Nobel Prize In Economics: Detroit Land Bank Authority & Technion - Auction Theory: "Don't Waste The Carcass"

Paul Milgrom was just awarded with the Nobel Prize in Economic for what is called Auction Theory.

Paul was born in Detroit.

Paul has a relationship with Technion in Israel.

Technion is a major player in the development of Predictive Modeling Crap for use in resegregation human asset management forfeiture databases for the maximization of revenues for those foreign Social Impact Bond programs through fake ass Public Private Partnerships, by pushing their Psychogroupies evolutionary psychology freaky ass ideas of using "The Poors" (always said with clinched teeth) to ultimately become one of those Noahide winners they like to promulgate throughout our institutions of learning and law, just so they do not waste any of their "forfeited for a civil debt" (a.k.a. poverty), carcass resources.

They call it Smart Cities.

Detroit was supposed to be a Smart City.

One of the examples was the use of auction for those who need kidneys to match with those who have kidneys, but no predictive modeling pareto optimizational use of that particular organ, in the maximization of revenues, just like what the Detroit Land Bank Authority is doing because it was set up by Donna "The Roach I Wish To Stomp, Shalala...the same roach who set up the Detroit Land Bank Authority, ASFA and Organ Registries.

I wonder if they are going to be using Tyler.

https://www.crai.com/sites/default/files/publications/Adverse-Selection-and-Auction-Design-for-Internet-Display-advertising.pdf

The importance of the auctions invented by the winners of the Nobel Prize in economics

Press release: The Prize in Economic Sciences 2020

English

English (pdf)

Swedish

Swedish (pdf)

12 October 2020

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

Robert B. Wilson

Stanford University, USA

“for improvements to auction theory and inventions of new auction formats”

 

Their theoretical discoveries have improved auctions in practice

This year’s Laureates, 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.

People have always sold things to the highest bidder, or bought them from whoever makes the cheapest offer. Nowadays, objects worth astronomical sums of money change hands every day in auctions, not only household objects, art and antiquities, but also securities, minerals and energy. Public procurements can also be conducted as auctions.

Using auction theory, researchers try to understand the outcomes of different rules for bidding and final prices, the auction format. The analysis is difficult, because bidders behave strategically, based on the available information. They take into consideration both what they know themselves and what they believe other bidders to know.

Robert Wilson developed the theory for auctions of objects with a common value – a value which is uncertain beforehand but, in the end, is the same for everyone. Examples include the future value of radio frequencies or the volume of minerals in a particular area. Wilson showed why rational bidders tend to place bids below their own best estimate of the common value: they are worried about the winner’s curse – that is, about paying too much and losing out.

Paul Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder. He analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other’s estimated values during bidding.

Over time, societies have allocated ever more complex objects among users, such as landing slots and radio frequencies. In response, Milgrom and Wilson invented new formats for auctioning off many interrelated objects simultaneously, on behalf of a seller motivated by broad societal benefit rather than maximal revenue. 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.

“This year’s Laureates in Economic Sciences started out with fundamental theory and later used their results in practical applications, which have spread globally. Their discoveries are of great benefit to society,” says Peter Fredriksson, chair of the Prize Committee.

Illustrations

The illustrations are free to use for non-commercial purposes. Attribute ”© Johan Jarnestad/The Royal Swedish Academy of Sciences”

Illustration: Auctions (pdf)

Illustration: Winner’s curse (pdf)

Illustration: Auction frequencies (pdf)

Read more about this year’s prize

Popular science background: The quest for the perfect auction

Scientific Background: Improvements to auction theory and inventions of new auction formats

 

Paul R. Milgrom, born 1948 in Detroit, USA.

Ph.D. 1979 from Stanford University, Stanford, USA. Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, USA.

Robert B. Wilson, born 1937 in Geneva, USA.

D.B.A. 1963 from Harvard University, Cambridge, USA. Adams Distinguished Professor of Management, Emeritus, Stanford University, USA.

 

The Prize amount: 10 million Swedish kronor, to be shared equally between the Laureates.

Further information: www.kva.se and www.nobelprize.org

Press contact: Eva Nevelius, Press Secretary, +46 70 878 67 63, eva.nevelius@kva.se

Experts: Tommy Andersson, +46 73 358 26 54, tommy.andersson@nek.lu.se, Tore Ellingsen, +46 70 796 10 49, tore.ellingsen@hhs.se, Torsten Persson, +46 79 313 39 04, torsten.persson@iies.su.se, Committee for the Prize in Economic Sciences in Memory of Alfred Nobel

---

The Royal Swedish Academy of Sciences, founded in 1739, is an independent organisation whose overall objective is to promote the sciences and strengthen their influence in society. The Academy takes special responsibility for the natural sciences and mathematics, but endeavours to promote the exchange of ideas between various disciplines.

Nobel Prize® is a registered trademark of the Nobel Foundation.

The following is an email from the fake ass Detroit Land Bank Authority and its practical use of auction "reuse" theory.

Hello,

 

You’re receiving this email because our records show you have purchased and rehabbed a home through Detroit Land Bank Authority’s Auction or Own it Now Program.

 

We’re reaching out today to inform you of new Land Reuse Programs DLBA is launching throughout the remainder of 2020! DLBA is partnering with City of Detroit’s Department of Neighborhoods to present on new, exciting programs like Neighborhood Lots, where residents will be able to purchase vacant lots within 500 feet of their home.

Zoom - Join Zoom Meeting

https://cityofdetroit.zoom.us/j/3631409738

Meeting ID: 363 140 9738#

Dial in

+1(929) 436-2866

+1(312) 626-6799

+1(346) 248-7799

 

Additional information can be found about Land Reuse Programs at buildingdetroit.org/land-reuse-programs/

 

Head to the Neighborhood Lots page and enter your home address to see if there are Neighborhood Lots listed in your area: https://buildingdetroit.org/sidelots/index/neighborhood/

 

Specific property inquiries can be directed to inquire@detroitlandbank.org

 

 

 

**This email is sent from an account we use for sending messages only. If you have questions, please do not reply directly. Submit general questions to inquire@detroitlandbank.org or to landreuse@detroitlandbank.org if they are questions regarding DLBA’s Land Reuse Programs. **

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Tales Of The New Crown: Boo Boo Barr Suddenly Announces Publication of Cryptocurrency Enforcement Framework Jeff Sessions Put Together After Getting The Cooties Touch

Sometimes, it takes a rogue to catch a rogue... which may be why we have not heard from Boo Boo Barr since he got the cooties touch.

In 2018, Attorney General Jeff Sessions

established a Cyber-Digital Task Force within

the U.S. Department of Justice to evaluate the

impact that recent advances in technology

have had on law enforcement’s ability to

keep our citizens safe. Acknowledging the

many ways in which technological advances

“have enriched our lives and have driven our

economy,” the Attorney General also noted

that “the malign use of . . . technolog[y] harms

our government, victimizes consumers and

businesses, and endangers public safety and

national security.”

#maytheheavensfall

Attorney General William P. Barr announced today the release of “Cryptocurrency: An Enforcement Framework,” a publication produced by the Attorney General’s Cyber-Digital Task Force.  The Framework provides a comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency; details the important relationships that the Department of Justice has built with regulatory and enforcement partners both within the United States government and around the world; and outlines the Department’s response strategies. 

“Cryptocurrency is a technology that could fundamentally transform how human beings interact, and how we organize society.  Ensuring that use of this technology is safe, and does not imperil our public safety or our national security, is vitally important to America and its allies,” said Attorney General Barr.  “I am grateful to the Cyber-Digital Task Force for producing this detailed report, which provides a cohesive, first-of-its kind framework for those seeking to understand federal enforcement priorities in this growing space.”

“At the FBI, we see first-hand the dangers posed when criminals bend the important technological promise of cryptocurrency to illicit ends," said FBI Director Christopher Wray.   “As this Enforcement Framework describes, we see criminals using cryptocurrency to try to prevent us from 'following the money’ across a wide range of investigations, as well as to trade in illicit goods like criminal tools on the dark web. For example, the cyber criminals behind ransomware attacks often use cryptocurrency to try to hide their true identities when acquiring malware and infrastructure, and receiving ransom payments. The men and women of the FBI are constantly innovating to keep pace with the evolution of criminals' use of cryptocurrency."

“The United States has been enormously successful blocking terrorists, rogue regimes, and their supporters from funding their activity using traditional currencies,” said Task Force member John C. Demers, Assistant Attorney General for the National Security Division.  “As the Cryptocurrency Enforcement Framework explains, we will adapt our strategy and tools to 21st century financing, including to combat the use of cryptocurrencies to evade enforcement and harm our national security.”

“Cryptocurrencies and distributed ledger technology present tremendous promise for the future, but it is critical that these important innovations follow the law.  The Cryptocurrency Enforcement Framework provides the public with important information intended to help them understand and comply with their obligations under the legal regimes that govern these new and fast-developing technologies,” said Task Force member Brian C. Rabbitt, the acting Assistant Attorney General for the Criminal Division.  “While the Department of Justice and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we will not hesitate to enforce the laws that govern these technologies when necessary to protect the public.”

Task Force member Beth A. Williams, who serves as Assistant Attorney General for the Office of Legal Policy, lauded the release of the Cryptocurrency Enforcement Framework:  “The Department of Justice is committed to protecting the public from current and emerging cyber threats, including those involving cryptocurrency and related technologies.  This Framework reflects the Department’s extensive cooperation with domestic and international partners in ensuring that we are adequately addressing these challenges, to the benefit of lawful cryptocurrency users and the public at large.”

The Enforcement Framework opens with an introductory essay authored by the Task Force’s chair, Associate Deputy Attorney General Sujit Raman. 

Then, in Part I, the Framework provides a detailed threat overview, cataloging the three categories into which most illicit uses of cryptocurrency typically fall: (1) financial transactions associated with the commission of crimes; (2) money laundering and the shielding of legitimate activity from tax, reporting, or other legal requirements; and (3) crimes, such as theft, directly implicating the cryptocurrency marketplace itself. 

Part II explores the various legal and regulatory tools at the government’s disposal to confront the threats posed by cryptocurrency’s illicit uses, and highlights the strong and growing partnership between the Department of Justice and the Securities and Exchange Commission, the Commodity Futures Commission, and agencies within the Department of the Treasury, among others, to enforce federal law in the cryptocurrency space.

Finally, the Enforcement Framework concludes in Part III with a discussion of the ongoing challenges the government faces in cryptocurrency enforcement—particularly with respect to business models (employed by certain cryptocurrency exchanges, platforms, kiosks, and casinos), and to activity (like “mixing” and “tumbling,” “chain hopping,” and certain instances of jurisdictional arbitrage) that may facilitate criminal activity.    

The Cryptocurrency Enforcement Framework is the second detailed report issued by the Attorney General’s Cyber-Digital Task Force, which was established in February 2018 to answer two basic questions:  How is the Department of Justice responding to global cyber threats?  And how can federal law enforcement accomplish its mission in this area more effectively?  An earlier Task Force report, published in July 2018, canvassed a wide spectrum of cyber threats, ranging from transnational criminal enterprises’ sophisticated cyber-enabled schemes, to malign foreign influence operations, to efforts to compromise our nation’s critical infrastructure, and articulated the Department’s priorities in detecting, deterring, and disrupting cyber threats.

Additional Cyber-Digital Task Force members include Andrew E. Lelling, United States Attorney for the District of Massachusetts, and two senior FBI executives.  Components from across the Department contributed to the Cryptocurrency Enforcement Framework’s drafting.

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