Tuesday May 21, 2019

Nobel Economics Prize Awarded to Harvard Professor, MIT Educator

Last week, the committee also announced the Nobel prizes in medicine, physics, chemistry and the peace prize

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Harvard University professor Oliver Hart reads congratulatory emails after winning the 2016 Nobel Prize for Economics at his home in Lexington, Massachusetts, Oct. 10, 2016.(VOA)
  • The new theoretical tools created by Hart and Holmstrom are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design
  • The announcement Monday by the Royal Swedish Academy of Sciences said their work in contract theory is “valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design
  • The two will split the $924,000 prize. The laureates are set to officially receive the award on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896

October 12, 2016: Oliver Hart of Harvard University and Bengt Holmstrom of the Massachusetts Institute of Technology have been awarded the 2016 Nobel Prize in Economic Sciences.

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The announcement Monday by the Royal Swedish Academy of Sciences said their work in contract theory is “valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.”

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“This year’s laureates have developed contract theory, a comprehensive framework for analyzing many diverse issues in contractual design, like performance-based pay for top executives, deductibles and co-pays in insurance, and the privatization of public-sector activities,” the jury said.

Finnish Professor Bengt Holmstrom of the Massachusetts Institute of Technology smiles as he departs a news conference after speaking to members of the media, Oct. 10, 2016, on the campus of MIT in Cambridge, Mass.(VOA)
Finnish Professor Bengt Holmstrom of the Massachusetts Institute of Technology smiles as he departs a news conference after speaking to members of the media, Oct. 10, 2016, on the campus of MIT in Cambridge, Mass.(VOA)

The committee added that they analytical work establishes an “intellectual foundation” to grasp every day contracts in areas like bankruptcy legislation to political constitutions.

“The new theoretical tools created by Hart and Holmstrom are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design,” it said.

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The two will split the $924,000 prize. The laureates are set to officially receive the award on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896.

Last week, the committee also announced the Nobel prizes in medicine, physics, chemistry and the peace prize.

The final prize, for literature, will be announced Thursday.(VOA)

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Aadhaar Helpline Mystery: French Security Expert Tweets of doing a Full Disclosure Tomorrow about Code of the Google SetUP Wizard App

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cryptocurrency. google
Google comes up with a new feature

Google’s admission that it had in 2014 inadvertently coded the 112 distress number and the UIDAI helpline number into its setup wizard for Android devices triggered another controversy on Saturday as India’s telecom regulator had only recommended the use of 112 as an emergency number in April 2015.

After a large section of smartphone users in India saw a toll-free helpline number of UIDAI saved in their phone-books by default, Google issued a statement, saying its “internal review revealed that in 2014, the then UIDAI helpline number and the 112 distress helpline number were inadvertently coded into the SetUp wizard of the Android release given to OEMs for use in India and has remained there since”.

Aadhaar Helpline Number Mystery: French security expert tweets of doing a full disclosure tomorrow about Code of the Google SetUP Wizard App, Image: Wikimedia Commons.

However, the Telecom Regulatory Authority of India (TRAI) recommended only in April 2015 that the number 112 be adopted as the single emergency number for the country.

According to Google, “since the numbers get listed on a user’s contact list, these get  transferred accordingly to the contacts on any new device”.

Google was yet to comment on the new development.

Meanwhile, French security expert that goes by the name of Elliot Alderson and has been at the core of the entire Aadhaar controversy, tweeted on Saturday: “I just found something interesting. I will probably do full disclosure tomorrow”.

“I’m digging into the code of the @Google SetupWizard app and I found that”.

“As far as I can see this object is not used in the current code, so there is no implications. This is just a poor coding practice in term of security,” he further tweeted.

On Friday, both the Unique Identification Authority of India (UIDAI) as well as the telecom operators washed their hand of the issue.

While the telecom industry denied any role in the strange incident, the UIDAI said that he strange incident, the UIDAI said that some vested interests were trying to create “unwarranted confusion” in the public and clarified that it had not asked any manufacturer or telecom service provider to provide any such facility.

Twitter was abuzz with the new development after a huge uproar due to Telecom Regulatory Authority of India (TRAI) Chairman R.S. Sharma’s open Aadhaar challenge to critics and hackers.

Ethical hackers exposed at least 14 personal details of the TRAI Chairman, including mobile numbers, home address, date of birth, PAN number and voter ID among others. (IANS)

Also Read: Why India Is Still Nowhere Near Securing Its Citizens’ Data?