Kungl. Vetenskapsakademien: The Prize in Economic Sciences 2020: Their theoretical discoveries have improved auctions in practice

MALMOE, Sweden, Oct. 12, 2020

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.

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 and Robert B. Wilson, Stanford University, USA, "for improvements to auction theory and inventions of new auction formats".

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.

Paul R. Milgrom, born 1948 in Detroit, USA. Ph.D. 1979 from Stanford University, USA. Shirley and Leonard Ely Jr. Professor of Humanities and Sciences, Stanford University, USA.

More information

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.

More information

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

More information can be found at www.kva.se or nobelprize.org.

Press Contact:

Eva Nevelius, Press Secretary, The Royal Swedish Academy of Sciences 

+46 70 878 67 63,

eva.nevelius@kva.se

Experts:

Tommy Andersson, Committee for the Prize in Economic Sciences in memory of Alfred Nobel,
The Royal Swedish Academy of Sciences
+46 73 358 26 54,
tommy.andersson@nek.lu.se

Tore Ellingsen, Committee for the Prize in Economic Sciences in memory of Alfred Nobel,
The Royal Swedish Academy of Sciences
+46 70 796 10 49,
tore.ellingsen@hhs.se

Torsten Persson, Committee for the Prize in Economic Sciences in memory of Alfred Nobel,
The Royal Swedish Academy of Sciences 
+46 79 313 39 04,
torsten.persson@iies.su.se 

This information was brought to you by Cision http://news.cision.com

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Fitbit Unleashes the Sense, Versa 3 and Inspire 2 in Malaysia

Fitbit is a name that comes to mind when you’re thinking of wearables which put fitness at the forefront. The company has been actively developing a platform that gives users actionable data on their health. What’s more, Fitbit has even taken steps to help their community better cope with these unprecedented times.

Malaysia is the latest country getting an infusion of Fitbit. The company has announced the local availability of its three new wearables: the Fitbit Sense, the Fitbit Versa 3 and the Fitbit Inspire 2. The three new devices mark the start of a new generation of wearables for Fitbit featuring new technology that gives users even more actionable health data. It is excited to see what is inside about it. Some call the app “ECG” and it allows users to gain insight into their heart performance and possible conditions, like irregular or erratic heartbeats.

The Fitbit Sense made its debut in August as the company’s new flagship smartwatch with brand new technology which allows users to monitor their heart’s rhythm via an ECG monitor. The Fitbit Sense is currently the most advanced health smartwatch available in the market for only RM1,498 with 6-months complementary access to Fitbit Premium. The Sense also features the world’s first electrodermal activity(EDA) sensor on a smartwatch to help users monitor stress levels. The Sense touts up to 7 days battery life depending on how you use it.

From the cutting edge to the accessible, Fitbit isn’t leaving anyone behind. The Fitbit Inspire 2 joins the foray with a price tag of only MYR498. It is designed to be slim and comes with a brighter screen and the longest battery life of any Fitbit device at 10 days. Purchases of the FitBit Inspire 2 also comes with a one year free trial of Fitbit Premium.

Together with the Sense and Inspire 2, Fitbit is also bringing the updated Versa 3. The Versa line up is their first smartwatch line up which marries Fitbit technology with the growing demand for smartwatches. The Versa 3 brings enhanced features including GPD tracking, wireless music and more. However, pricing and availability for the Versa 3 will be announced at a later date.

Bixby – Your Personal Assistant No More…Maybe?

Rumours have been spreading about Samsung’s digital assistant being retired in favour of deeper integration of the Google Assistant. Lending more credence to the rumour is Samsung’s apparent removal of several AR features from Bixby Vision.

Samsung has already sent notices to its users that they will be discontinuing some of the features in Bixby Vision. The notice sent out late last month mentioned the removal of features such as Styling, Home, Decor and Places by the end of October. These features may return in some form with partnerships to enhance the AR features but the likelihood of that happening at this point seems slim.

While the discontinuation and removal of a bulk of AR features from Bixby may seem like a sudden move, it’s not surprising. Samsung was a late player to the game when it came to virtual assistants with companies like Google, Amazon and Microsoft spearheading development. However, more recent rumours point to Google actually offering Samsung a large sum of money to drop Bixby in favour for deeper Google Assistant integration into the company’s ecosystem.

That said, minimising or removing Bixby would be counter intuitive for Samsung. The company announced a few years ago that the Bixby would be the cornerstone of their Galaxy Ecosystem. In fact, they went in depth during their Southeast Asia – Oceania (SEAO) forum held in Singapore. They were detailing the integrations that would be pursued.

That being the case, this development is definitely one we’ll be keeping our eye on.

Intel Confirms “Rocket Lake”, 11th Generation Intel Cores for Q1 2021, with PCIe 4.0

If you’re looking to buy or upgrade a new desktop, it may be worth waiting until next year 2021. AMD has just announced their AMD Ryzen 5000, technically their most powerful CPU yet. Recently, Intel has confirmed that its 11th generation, “Rocket Lake” CPUs will be launching in the first quarter of 2021. The update, of course, comes with other parts as well. The Z490 motherboard for example, and support for PCIe 4.0.

Intel’s Rocket Lake is expected to be built upon the same Skylake architecture as the previous five generation of 14nm. That, or it is built upon Intel’s Cove microarchitecture designs. Technically Rocket Lake will be more powerful just based on the fact that you have PCIe 4.0 support over PCIe 3.0. In this update as well, Intel technically matched the new AMD Ryzen chips with PCIe 4.0 support.

There are no mentions on whether or not there are more PCIe lanes supported compared to the previous generation CPU though. The ASRock Z490 Aqua, built for next generation Intel processors, is built with a PCle 4.0 storage M.2 slot. Using the PCIe 4.0 slot on the board will render the PCIe 3.0 slots useless, or unusable.

Mind you, these things are said before AMD’s big announcement of the AMD Ryzen 5000 series. At this point, no one knew or could expect the kind of progress AMD has made in their new CPUs. As we have discovered, it is a monumental swing of momentum in AMD’s favour, just based on AMD’s announcement.

Intel has been making pre-emptive move with updating the Skylake architecture and introducing Tiger Lake. Up until last week, Intel still holds the title of ‘most powerful gaming processor’ available in the market. In some sense, we can expect Rocket Lake to take that title back at least. With the likelihood of Intel not moving away from 14nm processes though, it might be a long shot. All we can do, is wait and see.

Vivo Introduces a New Smartphone Concept – Detachable cameras

Vivo is that one smartphone brand that is not shy in introducing new and funky features in a smartphone. This is especially true with it comes to camera placements on a smartphone. They introduced the world to the idea of a deca-core smartphone. They were also the first to hide their front facing camera in a pop-up mechanism that appears only when you need it. This year, Vivo Apex spearheads the under-display selfie camera era. Today, Vivo is taking the spotlight once more with a novel smartphone camera that is not even on the smartphone.

The new concept device from Vivo comes with a front camera that they call IFEA. It is a camera front facing camera that can be detached from the body of the device. For all intents and purposes, it is still a regular pop-up front-facing selfie camera. It just happens to be removable once it has popped out and has been activated. Once detached, the camera module is supposedly voice activated. This modular design from the Chinese company has won the Red Dot Design Award.

It does sound like a very interesting feature, this pop-up detachable thing. This new IFEA smartphone design aims to provide consumers with a new photography system and experience which is totally different from what usually offered by a smartphone. It integrates enhanced users-friendly shooting features anytime and anywhere.

Beside, there is another one on the Red Dot website that shows the display and the back of Vivo phone. The screen is seamless, without notches or punch holes. The back features a dedicated main camera as well to suggest that the detachable stuff is only for the front camera.

Source: Vivo/Red Dot

Vivo also stated that the IFEA module will come with multiple accessories and support mechanisms with different modes to increase the stability and storage of the device. Some accessories were also shown such as a magnetic attachment, clips for wrists and a collar mount for dogs, to make better use of the removable camera.

It’s unclear how Vivo plans to use this modular camera design. So far, the device is just in its concept phase and there are no clear intentions from Vivo themselves to make the device commercially available. Stay tuned though, we are keeping our ears close to the ground, just in case Vivo changes their mind.

Source: Android Central

Redmi Brings SonicBass to India for Rs.999

Xiaomi subsidiary, Redmi just launched the new wireless earphones in India. The new offering was initially launched in Nepal last month. Since its initial launch, the Redmi SonicBass wireless earphones have become known as the affordable true wireless earbuds.

Source: Xiaomi India

The Redmi SonicBass Wireless Earphones come with a neckband designed to give extra grip around the shoulders. The neckband is a relatively flat cable whicht you can double-tap to trigger your assistant of choice (Google Assistant, Alexa or Siri). It comes with Bluetooth 5.0 support for connectivity and is compatible with iOS, Android and Windows devices.

It has dual microphones along with ENC (Environmental Noise Cancellation). ENC technology allows better call quality by suppressing any ambient noise. It is equipped with IPX4 splash and sweat resistance – an important feature for those looking to use it while exercising. In addition, it has a multifunction button to quickly access various multimedia controls. It also comes with antiwax silicone tips with magnetic earbuds.

The Redmi SonicBass Wireless Earphones are touted to last for up to 12 hours on a single charge, thanks to its 120mAh battery. The standby time is listed to be about 200 hours and it weighs only 21.2 grams. Bluetooth connectivity on the earphones ranges to about 10 metres of operating distance.

The Redmi SonicBass wireless earphones are now available in India for Rs.999 (MYR56.49/USD$13.65).

G Suite is now Google Workspace – New Colours, New Features

Google is something that we use now nearly on a daily basis. G Suite is one of the largest known services for corporations in the digital space. G Suite is their email, their document system, their storage, and much more. It seems though that Google is not too happy with the name G Suite. G Suite now is called Google Workspace.

Google Workspace is not that much different from G Suite though. It is G Suite rebranded after all. There is still a difference however. In the coming weeks, users will get to see new four color icons for Gmail which including Calendar, Meet, Drive and collaborative content creation tools like Docs, Sheets and Slides. All this in lieu of Google Workspace’s commitment to build immersive communication and collaborations experiences from Google.

There are new features to Google Workspace too. First, you can save time by switching between apps and tabs to still manage to preview the content of a link without leaving the original document. The new features of Smart chips in Docs, Sheets and Slides is that names will automatically popup when you mention someone in a document. The new feature allows you to instantly share documents with whoever you need to share your documents with, when you need to.

Working remotely is difficult enough. You cannot possibly communicate with each other effectively without a meeting face-to-face. Not so with Google Workspace. Google Workspace enables users to work on a single document within a chat room. You can chat with your collaborators while typing things out in the documents. As long as you are not childish, this should go smoothly. In the coming months, you can even get to see the person you collaborate with on the same document with picture-in-picture feature.

The biggest impact of Google Workspace is in the education and non-profit organisation sectors. In the coming months G Suite tools like Classroom, Assignments, Gmail, Calendar, Drive, Docs, Sheets, Neet, and Slides for education will be available for free. Of course, there are some limitations to G Suite for Education.

Source: Google

Google’s Google Workspace interface and rebrand is effective immediately. The “new home for work” tool is now available only for business customers. Still, Google is planning to roll out the service to end-users as well. If you have not seen any changes in your G Suite yet, you will see the four colour icon in the coming weeks. More information on Google’s Workspace website.

Source: Android Central

The AMD Ryzen 5000 Has Been Revealed, and it is Glorious

The race to create the fastest PC has been heating up over the past few years with AMD making a huge come back with their highly acclaimed AMD Ryzen line-up of CPUs. With the introduction of their AMD Ryzen 3000 series with their Zen 2 architecture, the Taiwan based chip maker has more than made up the lost grounds that Intel has for so many years.

When AMD’s Ryzen 3000 series line-up was launched, they became some of the most advanced processor that you could get for your money. With state-of-the-art 7nm processing, the Ryzen 3000 series proved to be a lot more efficient and could run even more cores at respectable speeds. This also means that the AMD Ryzen 3000 series of processors pack more cores than their competition, and perform admirably better in multiple instances, when productivity matters. They still lose out in gaming performance though.

Source: AMD

AMD introduced their AMD Ryzen 4000 some months ago, if you remember. The only issue is that the AMD Ryzen 4000 series was not what we expected it to be. It looked like a rehashed AMD Ryzen 3000 with Zen 2 architecture that performed just slightly better than the older processor, and more efficiently. It could not be purchased as a single product on its own too. The only way to get the AMD Ryzen 4000 desktop CPUs is through system builders like Acer, ASUS, Dell, and such.

In that case, we thought that the later announcement by AMD (which just happened last week) would be a special one. Our patience has been awarded by Dr. Lisa Su, and her team, with the highly anticipated Zen 3 architecture. It is just that it came in a different format.

Source: AMD

Instead of Ryzen 4000, they call it the AMD Ryzen 5000 and claims it to be their biggest step up in their CPU line-up. Rightly so, with AMD’s Zen 3 architecture allowing a larger and more instant access to the memory banks. That also means twice faster memory read speeds on your storage front. That, while maintaining great efficiency.

In this generation as well, AMD claims that the Ryzen series can now claim to be the world’s most powerful CPU for both work and play. They claim that the AMD Ryzen 9 5900X (their flagship CPU) is now the fastest, most powerful CPU for gaming. While there is no direct benchmark comparison just yet with Tiger Lake, we want to believe them.

Source: AMD

AMD has made significant step up in terms of both multi-core and multi-thread performance. That also means that the Ryzen series is still kings when it comes to things like video processing, 3D rendering, and even heavy multi workloads (multitasking). But that is not all the progress they have made.

They have also stepped up in single-core performances as well. According to them, their performance bump in single-core performances are in the double digits, in percentages anyway. In that sense, we have not seen double digit performance gains all too often in the CPU industry.

Source: AMD

The double-digit increase in performance though is not just beating out the AMD Ryzen 3000 line-up though. In their own tests, the AMD Ryzen 9 5900X outperformed its slightly older generation competition by an impressive margin too, in gaming performance and other single-core workloads (Blender). That also means, in theory anyway, the AMD Ryzen 9 5900X should be more powerful than even the latest generation Intel Tiger Lake line-up.

What this also means for you gamers, is that you can now push your games to get more frames per second than before, way more. Considering that all your other work-related stuff will not be affected, this should now be the CPU of choice for you PC builders. It is just as power efficient as before too with the AMD Ryzen 5 5600X consuming a rated power of 65W and the top of the line AMD Ryzen 6 5950X pulling only 105W.

MODELCORES/
THREADS
TDP
(Watts)
BOOST/BASE FREQ. (GHz)TOTAL CACHECOOLERPrice US$ (MYR*)EXPECTED AVAILABILITY
AMD Ryzen™ 9 5950X16C/32T105WUp to 4.9 / 3.472MB
N/A$799November 5, 2020
AMD Ryzen™ 9 5900X12C/24T105WUp to 4.8 / 3.770MBN/A$549November 5, 2020
AMD Ryzen™ 7 5800X8C/16T105WUp to 4.7 / 3.836MBN/A$449November 5, 2020
AMD Ryzen™ 5 5600X6C/12T65WUp to 4.6 / 3.735MBWraith Stealth$299November 5, 2020

The AMD Ryzen 5000 series will be available internationally from the 5th November 2020 onward. Malaysia will be included as the first few countries to get the AMD Ryzen 5000 series as well. We do expect a few delays there and here though, which also means the processors can be expected to be available a few days after the 5th of November 2020. They are even priced similarly to the older AMD Ryzen 3000 series to begin with. The AMD Ryzen 5000 series starts at US$ 299 (MYR 1,237*) with the AMD Ryzen 5 5600X and tops out at US$ 799 (MYR 3,306*) with the AMD Ryzen 9 5950X. Bring on the Big Navi.

*Based on Approximate Rate US$ 1 = 4.14

“MUSCLE SUIT Every” PR Campaign Selected as “2020 IN2 SABRE Awards Asia-Pacific” Winner, “2020 SABRE Awards Asia-Pacific” Finalist

TOKYO, Oct. 12, 2020 — Innophys Co., Ltd., which develops and sells wearable work-assisting robot MUSCLE SUIT Every, was selected as a finalist in the "2020 SABRE Awards Asia-Pacific," one of the world’s most prestigious PR awards, on September 24 for its publicity campaign to encourage younger people to present their parents with the product on Father’s Day and Mother’s Day. The company won the honor in addition to winning the "2020 IN2 SABRE Awards Asia-Pacific" on August 26 for the same campaign.

Innophys conducted the PR campaign in April-May in cooperation with BlueCurrent Japan.

(Image1: https://kyodonewsprwire.jp/prwfile/release/M106291/202010065369/_prw_PI1fl_72C5YHS8.jpg)

(Image2: https://kyodonewsprwire.jp/prwfile/release/M106291/202010065369/_prw_PI2fl_z70R17E1.jpg)

(Image3: https://kyodonewsprwire.jp/prwfile/release/M106291/202010065369/_prw_PI3fl_3xAv7Qgy.jpg)

About MUSCLE SUIT Every:

MUSCLE SUIT Every is a wearable work-assisting robotic suit developed by Innophys Co., Ltd., a venture company that originated in Tokyo University of Science. The robotic exoskeleton suit uses pneumatic artificial muscle to assist movements, such as lifting up heavy items or a person and maintaining a half-crouching position, with up to 25.5kgf of assistive force to lighten the load on the backs. MUSCLE SUIT Every is excellent in that it can be used for jobs outdoors or with water because the machine does not need electric power. Since it was released in 2014, MUSCLE SUIT Every has been in widespread use at nursing care, farming, manufacturing, distribution and construction sites, and in other labor-intensive activities. By the end of June 2020, MUSCLE SUIT Every has sold over 13,000 units.

The latest model of MUSCLE SUIT Every, which was placed on the market in Japan in November 2019, is the lightest of all MUSCLE SUIT models, at only 3.8 kilograms, while maintaining its capacity to provide auxiliary force up to 25.5kgf. The price of the latest model has been reduced to below 30% of its past models, making it easier for not only corporate customers to introduce the robot for use at work sites but also individual customers to buy the machine to provide nursing care for their elderly family members or grow vegetables at home, among other purposes.

As part of its overseas expansion, the company began to sell MUSCLE SUIT Every in Taiwan this past summer, making it easier for both corporate and individual customers in the region to buy the robotic suit.

MUSCLE SUIT Every official brand website for Taiwan (traditional Chinese characters): https://musclesuit.co.jp/tw/

About the campaign to encourage younger people to present their fathers and mothers with MUSCLE SUIT Every on Father’s and Mother’s Days:

Innophys has been selected as a finalist of the 2020 SABRE Awards Asia-Pacific and winner of the 2020 IN2 SABRE Awards Asia-Pacific for a twitter campaign it conducted in April and May this year for Father’s and Mother’s Days in Japan. In the campaign, those who wanted to present their fathers and mothers with MUSCLE SUIT Every were invited to tweet messages describing the specific scenes where they wanted their fathers and mothers to use the robotic suit with a hashtag, "okuru kinniku" ("muscle as a present"). The company offered MUSCLE SUIT Every to prize winners in the campaign at heavily discounted prices, and MUSCLE SUIT Every was sent directly to the parents of the winners. Many winners subsequently uploaded photos of their parents smiling after receiving the product to their twitter accounts. As a result, information regarding MUSCLE SUIT Every reached over 900,000 people online.

About SABRE Awards, IN2 SABRE Awards:

The SABRE Awards honor is one of the world’s most prestigious PR awards. SABRE, which stands for "Superior Achievement in Branding and Reputation," honors PR campaigns that made outstanding performance in branding and reputation building.

Among the SABRE Awards, the IN2 SABRE Awards, which Innophys won just recently, commends excellent solutions. IN2 stands for "Insight + Innovation."

Innophys’ campaign to encourage younger people to present their parents with MUSCLE SUIT Every was highly commended as a campaign that made effective use of digital media based on the concept of PR-driven business practices, and won the award for the "Best Use of Global Social Networking Platforms."

https://www.provokemedia.com/events-awards/sabre-awards/sabre-awards-asiapacific/2020-in2-sabre-winners

The campaign also made it as a finalist of the 2020 SABRE Awards Asia-Pacific.

https://www.provokemedia.com/events-awards/sabre-awards/sabre-awards-asiapacific/2020-sabre-asia-pacific-finalists

Innophys, as a company based in Japan where the population is rapidly aging as the birthrate is declining, is seeking to ensure as its mission that people lead self-reliant lives. It is determined to continue developing and providing products to help as many people in the world as possible remain active throughout their lives.

Official website: https://innophys.jp/en/

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99% of PS4 games will be Playable on the Playstation 5 according to Sony

With the pending arrival of Sony’s long-awaited next-generation console: the PlayStation 5, many are looking for more information about the system’s new UI and for more concrete information on how the backward compatibility will work on the PS5. To cut the issue down to size, one of the biggest questions is whetherr you’ll be able to play PS4 games on the new console.

After much speculation and confusion, Sony has officially announced that approximately 99 percent of the over four thousand titles available on the PS4 will be playable on Playstation 5 consoles. So far, only 10 games are off the list which: DWVR, Afro Samurai 2 Revenge of Kuma Volume One, TT Isle of Man – Ride on the Edge 2, Just Deal With It!, Shadow Complex Remastered, Robinson: The Journey, We Sing, Hitman Go: Definitive Edition, Shadwen, and Joe’s Diner.

Source: Sony

System architect Mark Cerny expressed that the company has been testing the best 100 most played PS4 diversions, and “nearly” all of them will be working as intended when the Playstation 5 arrives. Sony has moreover guaranteed it has, as of now, tried “hundreds of titles” and will be testing “thousands more as we move toward dispatch”. This mean you will likely be able to play games that you have purchased on the PS4 and play them on PS5. Although, we haven’t heard from Sony just yet on how backwards compatibility will work when it comes to digital libraries from the PlayStation Store. That said, Sony strongly suggested to run your PS4 games on PS5 before buying any add-ons or DLC to ensure there is no any other ‘error or unexpected behavior’ occur while playing.

Sony has already done a public tear down of the PS5 and given us an in-depth look at the console’s specs and features. These include an NVMe SSD for super-fast load times, ray-tracing support, a built-in 4K Blu-ray player, backwards compatibility with thousands of titles in the PS4’s game library and a massive cooling system. With all these powerful specs and PS5’s Game Boost Feature, it is expected that compatible PS4 titles will run more smoothly and have a higher frame rate than on the PS4.