CURRENT AFFAIRS

Detailed explanation-1: -Milgrom (pictured) and Wilson “for improvements to auction theory and inventions of new auction formats.” “This year’s Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work.

Detailed explanation-2: -An Indian-American economist Abhijit Banerjee was born on February 21, 1961, in Dhule (India). He is awarded the Nobel Memorial Prize in Economic Sciences with his wife Esther Duflo and Harvard University’s Michel Kremer. He is currently serving at MIT as an international Professor of Economics.

Detailed explanation-3: -The 2022 economic sciences laureates The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 was awarded to Ben S. Bernanke, Douglas W. Diamond, Philip H. Dybvig “for research on banks and financial crises”.

Detailed explanation-4: -Arno Penzias, in full Arno Allan Penzias, (born April 26, 1933, Munich, Germany), German American astrophysicist who shared one-half of the 1978 Nobel Prize for Physics with Robert Woodrow Wilson for their discovery of a faint electromagnetic radiation throughout the universe.

Detailed explanation-5: -The Nobel Prize 2022 for Economics has been awarded to three US-based economists ‘for research on banks and financial crises’. All three winners will be awarded at the annual ceremony in Stockholm on December 10. Ben Bernanke, Douglas Diamond, and Philip Dybvig have won the Nobel Prize in Economics for 2022.