The Nikon HB-47 Lens Hood is specifically designed for use with the AF-S 50mm F1.4G & AF-S 50mm F1.8 G lenses.
Lens hoods are primarily designed to prevent unwanted stray light from entering the lens by extending and shading the end of the lens. In addition, since the end of the lens is extended, you also get the added benefit of some extra protection from accidental impact.