Nobel Prize in Economics
The 2020 Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.”
Robert 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.
Laureate 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.
What you need to know about the ‘Auction theory’?
The outcome of an auction (or procurement) depends on three factors:
Using auction theory, it is possible to explain how these three factors govern the bidders’ strategic behaviour and thus the auction’s outcome.
The theory can also show how to design an auction to create as much value as possible.
Nobel Prize in Economics:
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 51 times to 84 Laureates between 1969 and 2019.
The Nobel prize consists of a gold medal, a diploma and a cheque for 10 million Swedish kronor ($1.1 million, 950,000 euros).
Rashtriya Kamdhenu Aayog
Rashtriya Kamdhenu Aayog begins nationwide campaign to celebrate “Kamdhenu Deepawali Abhiyan” – Promoting extensive use of cow-dung/ Panchgavya products this Diwali Festival.
RKA aims reaching 11 crore families to ignite 33 crore Diyas made of cow-dung during this year’s Deepawali festival.
Significance of the campaign:
Apart from generating business opportunities for thousands of cow-based entrepreneurs/farmers, the use of cow-dung products will lead to a cleaner and healthier environment.
By providing an environmentally friendly alternative to Chinese made Diyas, the campaign will boost the ‘Make in India’ vision also.
About the Rashtriya Kamdhenu Aayog:
Constituted in 2019, the Aayog is a high powered permanent apex advisory body with the mandate to help the Central Government to develop appropriate programmes for conservation, sustainable development and genetic upgradation of indigenous breeds of cows.
It comes under the Ministry of Fisheries, Animal Husbandry and Dairying.
Rashtriya Kamdhenu Aayog will function as an integral part of Rashtriya Gokul Mission.
Review existing laws, policies as well as suggest measures for optimum economic utilization of cow wealth for enhanced production and productivity, leading to higher farm income and better quality of life for the dairy farmers.
Advise and guide the Central Government and State Governments on policy matters concerning conservation, protection, development and welfare of cows and their progeny.
Promote schemes to encourage the use of organic manure and recommend suitable measures including incentive schemes for use of dung or urine of cow in organic manure by farmers to minimize the use of chemical fertilizers.
Make provisions for solutions to the problems related to abandoned cows in the country by providing technical inputs to Gaushalas, Gosadans and pinjarapoles.
Develop pastures or grazing lands and to associate with institutions or other bodies whether private or public, for the purpose of developing pastures and Gauchars.
India Energy Modeling Forum
NITI Aayog Announces Governing Structure of India Energy Modelling Forum.
The governing structure of IEMF will consist of:
The committee will be convened by NITI Aayog and headed by its CEO, and comprise senior officials from the ministries of petroleum and natural gas; power; new and renewable energy; coal; environment, forest and climate change; and department of science and technology.
This committee will review the studies/modelling activities and provide directions and new areas of research.
A steering committee:
This committee will shortlist policy issues to be taken up for study and might form various taskforces depending on the specific studies/modelling exercises to be carried out.
About the India Energy Modeling Forum:
Jointly launched by NITI Aayog and United States Agency for International Development (USAID) under the US–India Strategic Energy Partnership.
Composition: The forum would include knowledge partners, data agencies and concerned government ministries.
The Forum aims to:
What is Energy Modelling?
Energy modeling or energy system modeling is the process of building computer models of energy systems in order to analyze them.
Such models often employ scenario analysis to investigate different assumptions about the technical and economic conditions at play.
Outputs may include the system feasibility, greenhouse gas emissions, cumulative financial costs, natural resource use, and energy efficiency of the system under investigation.
What are Energy Modelling Forums (EMF)?
The Energy Modelling Forum (EMF) in USA was established in 1976 at Stanford University to connect leading modelling experts and decision makers from government, industry, universities, and other research organizations.
The forum provides an unbiased platform to discuss the contemporary issues revolving around energy and environment.
“The Human Cost of Disasters 2000-2019” Report
Released recently by the UN Office for Disaster Risk Reduction.
Climate change is largely to blame for a near doubling of natural disasters in the past 20 years.
7,348 major disaster events had occurred between 2000 and 2019, affecting 4.2 billion people and costing the global economy some $2.97 trillion.
The United Nations Office for Disaster Risk Reduction (UNISDR), created in December 1999, is the successor to the secretariat of the International Decade for Natural Disaster Reduction.
It was established to ensure the implementation of the International Strategy for Disaster Reduction.
UNISDR supports the implementation, follow-up and review of the Sendai Framework for Disaster Risk Reduction adopted by the Third UN World Conference on Disaster Risk Reduction on 18 March 2015 in Sendai, Japan.
UNISDR’s vision is anchored on the four priorities for action set out in the Sendai Framework:
About Sendai Framework:
The “Sendai Framework for Disaster Risk Reduction 2015-2030” was adopted during the Third UN World Conference on Disaster Risk Reduction held in Sendai, Japan in March, 2015.
It is the first major agreement of the post-2015 development agenda, with seven targets and four priorities for action.
It was endorsed by the UN General Assembly following the 2015 Third UN World Conference on Disaster Risk Reduction (WCDRR).
The Framework is the successor instrument to the Hyogo Framework for Action (HFA) 2005-2015: Building the Resilience of Nations and Communities to Disasters.