Friday, December 7, 2007

Paul Milgrom and the Masterclass of Auction theorists

Paul Milgrom is the Shirley and Leonard Ely professor of Humanities and Sciences in the department of Economics at Stanford University. He is a member of the National Academy of Sciences, a fellow of the American Academy of Arts and Sciences, and the holder of an honorary doctorate from the Stockholm School of Economics.

Dr. Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is also the co-discoverer of the no-trade theorem with Nancy Stokey, and the co-founder of three companies: Market Design, which consults on the design of auction markets, Spectrum Exchange, which facilitates the exchange of radio spectrum toward those who will get the best use out of it, and Perfect Commerce, which provides support for electronic commerce.

Paul Milgrom and the Masterclass of Auction theorists

Major Works of Paul Milgrom:

Milgrom, Paul (1979). The Structure of Information in Competitive Bidding. New York: Garland Press. (Ph.D. Dissertation)

Milgrom, Paul (1979). "A Convergence Theorem for Competitive Bidding with Differential Information". Econometrica 47: 679-88.

Milgrom, Paul (1981). "Good News and Bad News: Representation Theorems and Applications". Bell Journal of Economics 12: 380-91.

Milgrom, Paul and John Roberts (1982). "Limit Pricing and Entry Under Incomplete Information: An Equilibrium Analysis". Econometrica 50: 443-59.

Milgrom, Paul and John Roberts (1982). "Predation, Reputation, and Entry Deterrence". Journal of Economic Theory 27: 280-312.

Milgrom, Paul and John Roberts (1990). "The Economics of Modern Manufacturing: Technology, Strategy and Organiza­tion". American Economic Review 80(3): 511-28.

Milgrom, Paul and Nancy Stokey (1982). "Information, Trade and Common Knowledge". Journal of Economic Theory 26: 17-27.

Milgrom, Paul and Robert Weber (1982). "The Value of Information in a Sealed Bid Auction". Journal of Mathematical Economics 10: 105-14.

Milgrom, Paul and Robert Weber (1982). "A Theory of Auctions and Competitive Bidding". Econometrica 50: 1089-1122.

Milgrom, Paul and Robert Weber (1985). "Distributional Strategies for Games with Incomplete Information". Mathematics of Operations Research 10: 619-32.

Milgrom, Paul (2004). Putting Auction Theory to Work. Cambridge University Press. ISBN 0-521-53672-3.

Eminent advisees of Paul Milgrom:
Susan Athey, Harvard University, Winner of the 2007 John Bates Clark medal.
Joshua Gans, University of Melbourne, Winner of the 2007 Australian Young Economist Award.

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