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Nobel Prize in Economics awarded to Paul Milgrom and Robert Wilson of Stanford University

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“Their discoveries have benefited sellers, buyers and taxpayers around the world,” the prize committee said.

The men were honored for theoretical insights into developing the best rules for bidding and for establishing the final price. The resulting improvements in auction formats have proven especially useful in auctioning off goods and services that are difficult to price using traditional methods, such as radio frequencies, the committee said.

Wilson, 83, was cited for theoretical research that explored “the winner’s curse” in auctions of goods that ultimately had the same value to all potential buyers, such as minerals in a specific geographic area. He developed a theory explaining the tendency of successful bidders to place bids lower than their own estimate of the item’s value to themselves or other buyers, because they feared paying too much.

Milgrom, 72, drew the nod for developing a more general theory of auctions involving values that vary between bidders. After analyzing bidding strategies in several popular auctions, he showed the best format to be one in which bidders learn more about each other’s estimated values during bidding.

Auctions are embedded throughout the modern economy. Art houses use them to sell paintings and antiquities. Search engines rely on them to dispose of advertising space. And public authorities offer airport landings slots and mineral rights via auctions.

Global financial markets also operate on their principles.

Asked by reporters about his own use of auctions, Wilson mentioned that he had recently purchased a pair of ski boots on eBay. “It’s something you encounter a lot,” he said.

The prize committee said that Milgrom and Wilson had invented new formats for simultaneously auctioning off many interrelated objects for societal benefit rather than maximal revenue. In 1994, the U.S. government first used their insights to auction off radio frequencies to telecommunications companies.

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Clark Board Of Education Profile: Robert Brede

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CLARK, NJ — Clark School Board has three seats up for grab in the upcoming election on Nov. 3.

Robert Brede, Steven Donkersloot, and Megan Harrison are running for the three, three-year seats on the board.

Are you running for office in Clark? Contact Alexis Tarrazi at alexis.tarrazi@patch.com for information on being featured in a candidate’s profile and submitting campaign announcements to Clark-Garwood Patch.

Robert Brede

1. Why are running for Board of Education?

I’m running for re-election to continue the progress that has been made by our Board over the last 3 years. Three years ago my goals were to help improve our overall budget, improve technology and other key teaching programs and improve our test scores. We have achieved the majority of the budget improvements and educational enhancements. We still have some work to do in order to improve our test scores.

2. What are your qualifications for this position?

I have served in many volunteer roles over the years. My 7-year tenure on the Clark Little League Board recently ended. I spent 5 years on the Clark Education Fund prior to being elected to the Board of Education 3 years ago. These last 3 years I have learned a ton about how a Board of Education operates and am starting to hit my stride.

3. The single most pressing issue facing our school district is ____ and this is what I intend to do about it:

It’s hard to ignore the current COVID environment as our most pressing issue. Until we receive approval to reduce the social distance, we are not able to return all students to school for full day. We need to ensure our kids are not losing valuable educational years as we are limited to half days. I will continue to support our administration

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University of Maryland Names Prabhudev Konana Dean of Robert H. Smith School of Business

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COLLEGE PARK, Md., Sept. 28, 2020 /PRNewswire/ — The University of Maryland has named Prabhudev Konana, Ph.D., Dean of the Robert H. Smith School of Business, effective January 2, 2021. In this role, he will lead Smith in its mission to create knowledge, promote an inclusive learning environment that fosters intellectual discovery, and equip current and future leaders to assess complex problems and deliver innovative solutions.

University of Maryland, College Park Logo. (PRNewsFoto/University of Maryland)
University of Maryland, College Park Logo. (PRNewsFoto/University of Maryland)

“I am thrilled to accept the role as Dean of the Robert H. Smith School of Business,” said Konana. “As business education is rapidly changing in the current social, political, technological, and market trends, I look forward to all that can be accomplished with the students, faculty and staff at the University of Maryland.”

Konana currently serves as the Associate Dean of Instructional Innovation, William H. Seay Centennial Professor of Information Management and Distinguished Teaching Professor at the University of Texas at Austin McCombs School of Business. As associate dean, he helped develop the focus and identity of the McCombs School of Business, emphasizing entrepreneurship and innovation, and successfully led the transition of the entire business school faculty to online synchronous teaching, among other notable accomplishments in teaching and research.

Prabhudev Konana is perfectly positioned to assume this role in the highly competitive landscape of business education,” said Senior Vice President and Provost Mary Ann Rankin. “I have no doubt that he will swiftly implement big ideas, while strengthening academic connections throughout Smith and across campus. Dr. Konana’s contributions will positively impact the Smith School’s fearless and innovative academic reputation.”

Prior to his current role, Konana previously served as Chair of the Department of Information, Risks, and Operations Management at the Texas McCombs School of Business. As Chair he founded