Paul Milgrom

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Paul Milgrom
Born April 20, 1948 (1948-04-20) (age 60)
Detroit, Michigan
Residence U.S.
Nationality American
Fields Economist
Institutions Stanford University (since 1987)
Yale University (1982-87)
Northwestern University (1979‑83)
Alma mater Stanford University PhD 1979
University of Michigan BA 1970
Doctoral advisor Robert B. Wilson
Doctoral students Susan Athey
Known for Auction theory
No-trade theorem

Paul Robert Milgrom (born April 20, 1948 in Detroit, Michigan) is an American economist. He is currently the Shirley and Leonard Ely Professor of Humanities and Sciences at Stanford University, a position he has held since 1987. 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.

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[edit] Biography

Paul Milgrom[1] was born on April 20, 1948 in Detroit, Michigan. He graduated from the University of Michigan in 1970 with an A.B. with high honors in mathematics. In 1975 he enrolled for graduate studies at Stanford University, where he earned an M.S. in statistics in 1978 and a Ph.D. in business in 1979. His thesis advisor, Robert B. Wilson, would later become his collaborator in designing the spectrum auction used by the Federal Communications Commission.

After earning his Ph.D., Milgrom went to teach at Northwestern University, where he stayed from 1979 to 1983. From 1982 to 1987 he was a professor of economics and management at Yale University. In 1987 Milgrom returned as an economics professor to his alma mater, Stanford University, where he is currently the Shirley and Leonard Ely Professor of Humanities and Sciences. He was the doctoral thesis advisor for several students, notably John Bates Clark Medal winner Susan Athey.

Paul Milgrom held editorial positions at various prestigious journals, including the American Economic Review, Econometrica and the Journal of Economic Theory, and has been a fellow of the Econometric Society since 1984. In 1996, he gave the Nobel Prize memorial lecture[2] honoring Nobel prize in economics laureate William Vickrey, who had died three days after the prize announcement. In 2006, Milgrom was elected in the National Academy of Sciences.

He is married to Eva Meyersson Milgrom and has two children, Josh Thurston-Milgrom and Elana Thurston-Milgrom.

[edit] Selected Publications

  • 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. doi:10.2307/1910414. 
  • Milgrom, Paul (1981). "Good News and Bad News: Representation Theorems and Applications". Bell Journal of Economics 12: 380-91. doi:10.2307/3003562. 
  • Milgrom, Paul and John Roberts (1982). "Limit Pricing and Entry Under Incomplete Information: An Equilibrium Analysis". Econometrica 50: 443-59. doi:10.2307/1912637. 
  • Milgrom, Paul and John Roberts (1982). "Predation, Reputation, and Entry Deterrence". Journal of Economic Theory 27: 280-312. doi:10.1016/0022-0531(82)90031-X. 
  • 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. doi:10.1016/0022-0531(82)90046-1. 
  • Milgrom, Paul and Robert Weber (1982). "The Value of Information in a Sealed Bid Auction". Journal of Mathematical Economics 10: 105-14. doi:10.1016/0304-4068(82)90008-8. 
  • Milgrom, Paul and Robert Weber (1982). "A Theory of Auctions and Competitive Bidding". Econometrica 50: 1089-1122. doi:10.2307/1911865. 
  • 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. 

[edit] References

  1. ^ Curriculum Vitae
  2. ^ Procuring Universal Service: Putting Auction Theory to Work, in Le Prix Nobel: The Nobel Prizes, 1996, Nobel Foundation, 1997, 382-392

[edit] External links

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