1 . The 2021 Nobel Economics Prize has been awarded to Robert Wilson and Paul Milgrom for their work in analyzing auctions and how to make them more efficient.

At the heart of the work for which Milgrom and Wilson have been awarded is the winner's curse.     1     . An example might be the right to mine a certain area for gold. If no gold is found, the right will be worthless; but if there turns out to be a lot of gold, it will be valuable. Different bidders may have different opinions about how much hold is on the site.The more optimistic they are, the more they will be willing to bid. The most optimistic bid will win. But the true value is likely to turn out much closer to the average rather than the highest valuation,so winning bidders are likely to overpay.

Wilson's work has shown that the fear of the winner's curse leads rational bidders to bid less than the own valuation.     2     .Their final price will therefore be lower.

Milgrom built on this to examine the case of auctions where there is not only a common value but also a private value that differs between bidders. In focusing again on the winner's curse, Milgrom determined that English-style auctions, where the price starts low and is bid upward, are better at avoiding the winner's curse than Dutch-style auctions---where the price starts high and is bid downward.This is because bidders gain more information about an item's value during an English-style auction,as other bidders drop out.     3     .

How have such insights help society? For one thing, Milgrom and Wilson developed the Simultaneous Multiple Round Auction'(SMRA). In these auctions, all biddable items are offered at the same time and bidders can bid on any portion of the items.The SMRA is useful,for example,if a company wants to bid for a license in one area only if it can also have the license in another area.    4     . Running auctions simultaneously allows governments to maximize the prices of valuable assets.This gives governments more money to spend on public services like health and education.

3 . The inside story of how a “band of misfits” saved Lego

When executives at toymaker Lego first learned that adults were buying large quantities of their interlocking plastic bricks and getting together to build Lego creations of their own, “they thought it was very strange,” says Paal Smith-Meyer.

    1     “Leadership actually thought ‘adults’ were taking away from the brand.”

Thanks to a handful of employees who worked to change attitudes inside the company, Lego is no longer embarrassed by its adult fans.     2     The bygone slogans “Just Imagine... ” and “Play On” have been overshadowed by Lego’s newest marketing motto: “Adults Welcome”. Even superstar athletes and entertainers like Ed Sheeran, Dwight Howard, and David Beckham boast openly about their affection for Lego building sets.

Today Lego is the world’s largest and most profitable toymaker. The Lego brick was named “Toy of the Century” in 1999, and in 2014 Time magazine crowned it the “Most Influential Toy of All Time”, ahead of Barbie, G.I. Joe, and the Easy Bake Oven.

The enthusiasm and buying power of Adult Fans of Lego — or AFOLs, as they’re known in the industry — played a major role in the company’s rise to the top.     3    

Lego founder Ole Kirk Kristiansen always knew he wanted to market his products exclusively to kids. As the company grew over its first six decades, few imagined that its products could appeal as much to adults as to children.     4     Two decades ago, when Lego began making licensed sets inspired by hit movies like Star Wars and Harry Potter, it was adult fans who snatched up most of the merchandise.

Despite the benefits AFOLs brought to the brand, executives at the company’s corporate offices in Billund, Denmark had little interest in catering to adult customers. As fan mail and product ideas poured in from AFOLs around the world, the company posted its off-putting position: “We don’t accept unsolicited ideas.”

“Adult fans were often seen as a source of irritation,” says Jake McKee, a Lego executive from 2000 to 2006 who oversaw the company’s Global Community Development team.

4 . Science may never know what memories play on the mind of the California sea hare, a foot-long marine snail, when it eats algae — a sea plant — in the tide pools of the Pacific coast.

But in a new study, researchers claim to have made headway in understanding the simplest kind of memory a creature might form.

David Glanzman, a neurobiologist at the University of California, believes the kinds of memories that trigger a defensive reaction in the snail are encoded not in the connections between brain cells, as many scientists would argue, but in RNA molecules (分子) that form part of an organism’s genetic machinery.

In an experiment to test the idea, Glanzman implanted wire into the tails of California sea hares, and gave them a series of electrical shocks. The procedure sensitized the animals so that when they were prodded (戳) in a fleshy spout called a siphon, they contracted their gills (鳃状呼吸器官) in a strong defensive action.

After sensitizing the sea snails, Glanzman extracted RNA from the animals and injected it into other sea snails to see what happened. He found the recipient sea snails became sensitized, suggesting the “memory” of the electrical shocks had been transplanted. When Glanzman repeated the experiment with RNA from sea snails that had been hooked up to wires but not shocked, the reaction behavior did not transfer.

Despite the result, the work has not found widespread acceptance. “Obviously further work needs to be carried out to determine whether these changes can happen without failure in a wide range of conditions,” said Prof Sherilynn Vann, who studies memory at Cardiff University. “While the sea hare is a fantastic model for studying basic neuroscience, we must be very cautious in drawing comparisons to human memory processes.”

Tomas Ryan, who studies memory at Trinity College Dublin, is firmly unconvinced. “It’s interesting, but I don’t think they’ve transferred a memory,” he said. “This work tells me that maybe the most basic behavioral responses involve some kind of switch in the animal and there is something in the liquid that Glanzman extracts that is hitting that switch.”

But Ryan added that different thinking about memory was badly needed: “In a field like this which is so full of accepted beliefs, we need as many new ideas as possible. This work takes us down an interesting road, but I have a huge amount of skepticism about it.”

5 . Motivating Employees under Unfavourable Conditions

It is a great deal easier to motivate employees in a growing organization than a declining one. When organizations are expanding, promotional opportunities, pay rises, and the excitement of being associated with a dynamic organization create feelings of optimism. When an organization is shrinking, the best and mobile workers are likely to leave voluntarily.     1     The minor employees remain because their job options are limited.

Morale (士气) also suffers during decline. People fear they may be the next to be made unnecessary. Productivity often Suffers, as employees spend their time sharing rumours and providing one another with moral support rather than focusing on their jobs.     2     Pay cuts, unheard of during times of growth, may even be imposed. The challenge to management is how to motivate employees under such special conditions.

    3     For example, if the job is running a small business or an autonomous unit within a larger business, high achievers should be sought. High achievers will do best when the job provides moderately challenging goats and where there is independence and feedback.

The literature on goal-setting theory suggests that managers should ensure that all employees have specific goals and receive comments on how well they are doing in those goals. Regardless of whether goals are achievable or well within management’s perceptions of the employee’s ability, if employees see them as unachievable they will reduce their effort.     4    

Since employees have different needs, managers should use their knowledge of each employee to personalize the rewards over which they have control. Some of the more obvious rewards that managers allocate include pay, promotions and the opportunity to participate in goal-setting and decision-making.

6 . The Decision That Changed My Life

We make decisions every day. Whether it is a small decision like what to wear that day or a big decision like where to go to college, these decisions have at least some influence on the rest of our lives. I wanted to talk about a decision I made that has changed my life forever.    1    I know that it seems like such a tiny decision, but it truly has changed my life.

I gave up soda about a month and a half before my trip to the Bahamas as a healthy step towards “getting in shape” for my trip. At first I thought it was going to be really hard giving it up, but after that first two weeks I wasn’t thinking about soda at all. One tiling led to another and I started eating better, working out more and just generally living a healthier life. I had already seen a difference in my life following this healthier life style.    2     During my trip I was extremely tempted to drink soda because all we were drinking was water.    3    

That was because I wanted to show those who maybe thought I wouldn’t be able to do it that they were wrong. Soon the urge to drink soda somewhat disappeared and I really did not even become tempted by it by the end of the trip. I got home to the States and when I got back home I decided to weigh myself. I had lost 20 pounds on my trip!

I also wanted to give some advice for those who were in the same situation as I was, where you wanted/needed to give up something that you think you can’t live without.    4     My friends really helped me out by supporting me and reminding me of the reason why I was doing it. Lastly, remember why you are giving it up. Use the goal of you losing weight or being generally healthier to motivate you through the struggle. In the end, giving up soda changed my life and I don’t regret my decision what so ever.

7 . Transhumanism, first coined in 1957 by biologist Julian Huxley, meant “man remaining man, but going beyond himself by realizing new possibilities of and for his human nature.” Generally speaking, transhumanism in its modern meaning implies that human beings can be enhanced by the means of science to the extent when they rise above biological limitations and capabilities programmed by nature. The species into which humanity transforms this way will be called post human, or trans human, as it would have been something new — based on human nature, but going beyond it at the same time.

There are numerous areas which, according to transhumanists, require enhancement, as well as there are countless proposals on the means of such enhancement. In particular, transhumanists work on such problems as overcoming the physical boundaries of the human body. Starting with aging, which they believe to be rather a disease than a natural process, and ending up with replacing organs with their artificial ones, transhumanists believe that the human body is imperfect, and that it should be improved. All kinds of nanotechnologies for repairing damaged organs; nerve stimulants and drugs to alter mood and eliminate negative emotions; brain implants and implanted technologies to allow interconnectivity between multiple human beings and to advance intelligence—these and many more actions are just some of the means transhumanists plan to use to make humanity better. Some of the technologies transhumanists plan to employ to push the boundaries of humanity are available already. For example, gene therapy allowing to cure or stop certain diseases that were considered terminal; CRISPRi or SHARP-2 methods, which were discovered not so long ago, have already proved to be efficient in treating a number of complicated medical conditions, and in case further research is conducted, they might significantly improve the quality of medicine worldwide. Virtual reality, another technology from science-fiction movies of the late 1980s, has become not so virtual either, after all. VR device can be easily purchased from online stores, and the prices are affordable — given that we are speaking of technology capable of substituting actual reality. So far, it has been mostly used for games and education, but in the future, the range of its useful applications will definitely broaden. Other technologies, which have not yet been invented but which definitely will, include large scale engineering, self-copying robotics, artificial intelligence, mind uploading technologies, molecular manufacturing, space colonization, and other technological wonders.

About a hundred years ago, the idea of flying in the skies seemed absurd, until Wilbur and Orville Wright proved this assumption wrong. Who knows, perhaps in a couple of decades the concepts listed here, no matter how fantastic they look now, will become reality. Moral aspects and the price humanity will have to pay for such advancements are a different subject.

8 . China's digital economy is expected to provide a strong boost to global economic recovery, but more efforts should be made to bridge the digital divide and promote data flow, said industry experts and top company officials on Friday.

“China’s digital economy, which is indeed in the fast lane, has become a new growth driver of the country’s economic growth amid the COVID-19 pandemic. It has and will play an important role in driving economic recovery globally,” said Gong Ke, president of the World Federation of Engineering Organizations and executive director of the Chinese Institute for the New Generation Artificial Intelligence Development strategies.

“While data is an important factor of digital economy, more effort should be made to bridge the digital divide to benefit more user groups. To be specific, we need to improve infrastructure (基础设施) construction and the sharing of computing power from leading companies to smaller ones,” Gong said.

He made the remarks at a sub-forum of the fourth Hongqiao International Economic Forum during the ongoing China International Import Expo in Shanghai.

Liu Jun, president of Bank of Communications, said that a winner-takes-all phenomenon is happening during the development of the platform-based economy because the country’s digital economy has developed at an unparalleled speed with insufficient supervision over the past decade.

“Therefore, it is necessary to break down the existing information barriers to promote the free flow of data. The value of data cannot be maximized if a certain company uses it exclusively. Data from various departments, fields and industries must be fully combined and correlated,” Liu said.

China’s digital economy reached $5.4 trillion last year in terms of market size, which grew 9.6 percent year-on-year, the fastest worldwide, said the China Academy of Information and Communications Technology a government think tank.

Such rapid development of the digital economy has attracted companies from abroad to participate. They are also expected to explore more new opportunities in the Chinese market.

To embrace the trend, Omron Healthcare said it will leverage its technological competence to develop more digital innovations for the Chinese market.

The Japanese industrial automation giant displayed a series of digitalized products, including smart healthcare management terminals and glucose (葡萄糖) meters at the ongoing expo.

“The rapid growth of Chinas trade, including digital trade, has produced a strong spillover effect for the world and it will enable China’s economy to maintain a long-term positive trend and thus make a contribution to global economic growth, said Zhao Yao, general manager of Omron Healthcare China.

The CAICT report also pointed out that China and the United States are leading global development of the digital economy. The two economies also ranked first and second in terms of the market size of digital economy last year.

9 . Social Integration — Welcoming the Newcomers

Social integration is the process through which minority groups interact, come together or are incorporated within a community, Increased social integration helps reduce conflict and tension in society, and it can help the new migrants feel more connected to their new community. How do different groups remain relatively cohesive in society?

A few countries around the world have adopted integrated frameworks for their economic, social, political and cultural policies with regard to accepting these migrants into the local society.     1    . This is to allow them to achieve their full potential in life. There are still ongoing efforts to integrate different cultures and races, and the governments have encouraged their immigrants to take an active part in social, cultural, economic and political activities.

Integration takes place in neighbourhoods. work places, schools and public places where people from diverse backgrounds spend most of their time.     2     Especially among the younger children, being in the same class as their foreign counterparts will teach the local children the meaning of tolerance and empathy. Participation in sports, community engagement and volunteer work are also other possible ways that eliminate discrimination and other forms of intolerance. From participating in arts programmes to being parent volunteers in schools, these platforms provide opportunities for people to interact and work towards a common cause. Sports programmes have also been used to encourage social integration. In fact, sport can strengthen social networks and promote non - violence and respect. In these ways, meaningful relationships among those of different ages, racial groups or faiths are built on the basis of common interests.

    3     still, countries have also acknowledged that human movement across borders cannot be stopped. Instead, it should be better managed so that migration is safe, legal and beneficial for everyone.     4     Indeed, the government and local communities play a key role in integrating these newcomers and empowering them to contribute to their new communities, while maintaining their identities.

10 . Chances are you’re quite bored of your home by now. Oh sure, you know how lucky you are, if you have a warm and comfortable place to live when so many don’t. But a person could live in a full-on palace and still, at this point in a generation-defining global pandemic, think, “If I have to spend one more day looking at this cornicing (榐板) and those enormous wall sconces (壁式烛台), I will genuinely hurl myself off the balcony.” So allow me to share the greatest tip of all time for making your home more fun: get some wallpaper.

People are very cautious about wallpaper, especially the patterned type. I didn’t fully understand this until my partner and I were house–hunting half a decade ago, after we found out I was expecting twins. Off we went to look at family houses and, while the prices were horrific, the houses were, to my mind, even worse. That’s not fair: they were perfectly fine, but there was something about them that sent me plunging into a low-grade depression. I tried to explain it to the increasingly frustrated estate agents: maybe they were dark? Or they just had a bad atmosphere? Were the ceilings too low? At last, I understood: every house I looked at was painted all white or–worse!–dull grey. Literally, every single one, and I assume the people who lived in them thought they looked fashionable and safely neutral. To me they brought back memories of teenage years spent in a psychiatric unit (精神病病房).

“Safely neutral”: has there ever been a more depressing template (样板) for a home? “Safely neutral” is timidity, the decorating equivalent of a fear of letting yourself have fun in case people laugh at you, or a refusal to state an opinion in case you get it wrong. How so many people can bear to live like that is beyond my comprehension. I know not everyone is a maximalist, but I find it puzzling that people won’t commit to patterned wallpaper because they worry they’ll get tired of it, yet paint their home in the most boring shades possible. Be your fearless self! Make your stamp! If not on the world, then at least on your walls.

By the time we moved into our (entirely white, God help me) house, I was a month away from giving birth to two surprisingly big boys. I could no longer walk, but this in no way broke my stride when it came to sorting out the wallpaper. This was a home I hoped to live in for the next two decades, so I went all out and spent so much on wallpaper that we couldn’t really afford furniture for a while.