29 March 2024
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5 things you need to know today

Switzer Daily
13 October 2020

1. Two Stanford University game theorists, Paul Milgrom and Robert Wilson, have won the 2020 Nobel Economics Prize for their work on auction theory. Alfred Nobel, the Swedish chemist, engineer and philanthropist who invented dynamite, founded the Nobel Prize, although the prize for Economics wasn’t introduced until 1969.

Game theory uses mathematics to study decision-making, conflict, and strategy in social situations. The Royal Swedish Academy of Sciences said their work "benefitted sellers, buyers and taxpayers" worldwide. Auctions can be complicated because of the uncertainty around the price outcome. Milgrom and Wilson explored these issues with a view to designing auctions to get the best results, with the seller getting higher revenue when bidders learn more about each other's estimated values during bidding. The Committee that awards the prize said auctions affect us all at every level because we operate in a world of market determined prices. Their theory basically says that the seller should say nothing to anyone and the buyer should find out as much information as they possibly can. The prize is worth approx A$1.6 million. (see Peter’s article today for more information).

2. A drink called hard seltzer is heading down under, with the launch this week of a popular American brand. Australian brewers will be producing their own versions, seeing the growing US alcoholic seltzer market as an opportunity similar to the craft beer and cider booms. Hard seltzer is a drink laced with alcohol such as gin or vodka (up to 6%), often with added fruit, and 100 calories per can, similar to light beer. They’re labelled with buzzwords such as gluten-free, preservative-free, vegan-friendly, made with natural flavours, zero sugar, and low carbohydrates. Nutritionists say they’re not exactly "healthy”.

3. Aussies wanting to send Christmas presents to family and friends are being advised to do it early as Australia Post braces for the largest parcel volume in its history. COVID-19’s border restrictions in some states and the boom in online shopping mean that our posties will be deluged with parcels that have a receive-by date of December 25. AusPost is urging Australians to send any parcels before December 19.

4. If you love a good ice cream, you’ll be pleased that Gelato Messina will soon be available in supermarkets nationwide, with the launch of its gelato bar format in Coles and Woolworths stores  following the success of its limited-edition collaboration with Drumstick. The brand says it’s excited to bring a more permanent staple to supermarket freezers. The Messina Gelato Bars come in three flavours: espresso dulce de leche, strawberry cheesecake and chocolate hazelnut. Brothers Nick and Danny Palumbo opened their first Messina gelaterria in Sydney in 2002. Now there are 19 stores across Sydney, Melbourne, Brisbane and Canberra.

5. At the start of the trading week in the US, the Dow Jones moved 250.62 points or 0.88% higher to 28,837.52, the S&P 500 gained 57.09 points or 1.64% to 3,534.22 and the Nasdaq surged 296.32 points or 2.56% to 11,876.26.

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