{"id":457442,"date":"2020-10-16T13:59:41","date_gmt":"2020-10-16T17:59:41","guid":{"rendered":"http:\/\/www.rochester.edu\/newscenter\/?p=457442"},"modified":"2020-10-16T14:00:43","modified_gmt":"2020-10-16T18:00:43","slug":"rochester-economist-applauds-nobel-prize-for-collaborator-robert-wilson-457442","status":"publish","type":"post","link":"https:\/\/www.rochester.edu\/newscenter\/rochester-economist-applauds-nobel-prize-for-collaborator-robert-wilson-457442\/","title":{"rendered":"Rochester economist applauds Nobel Prize for collaborator Robert Wilson"},"content":{"rendered":"
Professor of economics Srihari Govindan\u2019s collaborations with this year’s Nobel laureate go back 25 years and typically focus on other areas of game theory.<\/div>\n

 <\/p>\n

\"Srihari
Professor of economics Srihari Govindan. (Ä¢¹½´«Ã½ photo \/ J. Adam Fenster)<\/figcaption><\/figure>\n

Srihari Govindan<\/a>, a professor of economics at the Ä¢¹½´«Ã½<\/a>, had been waiting many years for his colleague and collaborator Robert Wilson to be awarded a Nobel Prize. That day finally came this past Monday when Wilson and fellow Stanford University professor Paul Milgrom won the prize in economics for their work in auction theory.<\/p>\n

Auctions permeate economic life, whether it\u2019s homebuyers bidding on a house in a hot real estate market, or the Federal Communications Commission auctioning to mobile phone service providers licenses to transmit signals over the electromagnetic spectrum.<\/p>\n

As explained in a press release<\/a> by the Royal Swedish Academy of Sciences, Wilson \u201cdeveloped a theory for auctions of objects with a common value\u2014a value which is uncertain beforehand but, in the end, is the same for everyone.\u201d That would be the case, for example, when bidding for radio frequencies or mineral drilling rights. Wilson explained that parties sometimes place bids below the perceived common value in order to avoid what\u2019s called the winner\u2019s curse\u2014placing a bid that ultimately winds up being in excess of the common value.<\/p>\n

\u201cBy understanding these principles, it\u2019s possible to design new and better auction formats,\u201d says Govindan, who is currently working with Wilson on understanding auctions involving many participants.<\/p>\n

Govindan\u2019s collaborations with Wilson go back 25 years and typically focus on other areas of game theory, specifically refinements to the Nash Equilibrium, named for mathematician John Nash, the subject of the book A Beautiful Mind<\/em> and the movie of the same title.<\/p>\n

A foundational concept in game theory, the Nash Equilibrium stipulates that every competitive game has an equilibrium reached as competitors stake out their positions based on what they think the other members of the group will do. Acting in the belief that they know everyone else\u2019s strategies, there\u2019s no incentive for anyone to do anything differently.<\/p>\n

\u201cBut it\u2019s been known for a while that not all Nash Equilibria constitute sensible predictions,\u201d says Govindan. \u201cA rational change in behavior by one participant can actually change the behavior of others.\u201d<\/p>\n

Govindan and Wilson are currently working on principles\u2014or axioms\u2014of rationality for establishing the equilibria in specific cases.<\/p>\n

\u201cWe\u2019ve been able to come up with axioms for games or situations dealing with two participants,\u201d says Govindan. \u201cAnd we are now extending the process to multiple participants.\u201d<\/p>\n

Now that Wilson was named a recipient of a Nobel Prize, it may take a while for the two of them to focus on the next phase of their research. But Govindan doesn\u2019t mind.<\/p>\n

\u201cI was afraid there would be more disappointment this year, but Bob\u2019s wife, Mary, called me at 6 in the morning last Monday to give me the good news,\u201d says Govindan. \u201cI couldn\u2019t be happier.\u201d<\/p>\n

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Read more<\/strong><\/h3>\n
\n
\"personRochester\u2019s Nobel laureates<\/strong><\/a>
\nWith the announcement of his receipt of the 2020 Nobel Prize in Medicine, Harvey Alter \u201956, \u201960M (MD) is now the 13th Nobel laureate with ties to the University.<\/span><\/div>\n
\"illustration
\nFormer economics professor Paul Romer receives Nobel Prize<\/strong><\/a>
\nThe former assistant professor of economics at the URochester is currently a professor at New York University, and was recognized by the Nobel Committee for his work on the economics of technological change.<\/span><\/div>\n
\"person
\nRochester graduate Richard Thaler receives Nobel Prize<\/strong><\/a>
\nRichard Thaler \u201974 (PhD), who earned his graduate degrees at the URochester, has received the 2017 Nobel Prize in Economic Sciences for his contributions to behavioral economics.<\/span><\/div>\n<\/div>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

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