Home News Featured News Nobel Prize winner names Li Shengwu's research as one of the most...

Nobel Prize winner names Li Shengwu’s research as one of the most important economics study of 2018




- Advertisement -

Singapore’s founding Prime Minister Lee Kuan Yew’s grandson Li Shengwu has won praise from 2012 Nobel Prize in economics laureate Alvin Roth for his research that Roth has nominated to be one of the most important studies that was produced in 2018.

International publication Quartz – a journalism portal that studies the global economy – asked the 12 top economists in the world, including two Nobel Prize laureates, to nominate the research that they felt was most important or intriguing in 2018.

Roth, one of the two Nobel Prize laureates, nominated the study ‘Credible Mechanisms’ by Shengwu and co-author Mohammad Akbarpour. The study concluded that “an auction in which every body submits their bid without knowing anyone else’s bid is the best way to make sure the auction is legitimate.”

On why he nominated Shengwu and Akbarpour’s work as one of the most impactful studies of 2018, Roth said that their research “defines a notion of “credibility” of an auction, having to do with not having to trust the auctioneer beyond what the bidders can see for themselves.

- Advertisement -

“The first-price auction is the unique credible static mechanism and the ascending auction is the unique credible strategy-proof mechanism. So the paper gives us a new way to understand those venerable auction forms.”

Shengwu is the eldest son of Lee Kuan Yew’s youngest son, Lee Hsien Yang. Shengwu lives in the US and works at Harvard University where he serves as Assistant Professor in the world-renowned university’s Economics Department.

In October this year, Shengwu won the coveted Exeter Prize for Paper published on economics theory. Shengwu won the award for his paper “Obviously Strategy-Proof Mechanisms”, published in the American Economic Review.

Shengwu is currently facing a contempt of court case filed by Singapore’s Attorney-General’s Chambers (AGC). The 32-year-old has asserted that he has no intention to disrupt his “happy” and “fulfilling” life in the US by returning to Singapore to face the legal proceedings initiated by the AGC.


Send in your scoop to news@theindependent.sg 

- Advertisement -

National reserves: Whatever their strategic value, Singaporeans have right to know how they are managed

  The ruling People’s Action Party is weaponising knowledge of the exact amount of Singapore’s national reserves as a way of helping it stay in power. That’s unacceptable. It does not have such an in perpetuity right. One of the debates in...

Jolin Tsai’s perky butt got the internet abuzz

Taipei -- Mandopop diva Jolin Tsai isn't shy of flaunting her figure in all kinds of sexy and revealing outfits and her fans are just lapping it up. The 40-year-old singer uploaded a couple of photos from her trip to Yangmingshan...

Man attacks teen, calls him a virus, damages his phone

Singapore—A sudden attack took a teen by surprise when one man started yelling at him, physically harming him, and throwing his phone into a nearby drain at around 10.30pm on Tuesday (Feb 23) on a section of the road near the...

Send in your scoop to news@theindependent.sg