David M. Kreps

Last updated
David M. Kreps
Alma mater Stanford University
Awards John Bates Clark Medal
Scientific career
Fields Game theory
Institutions Stanford University
Doctoral advisor Evan Lyle Porteus
Doctoral students Chi-fu Huang
Robert Gibbons

David Marc "Dave" Kreps (born 1950 in New York City) is a game theorist and economist and professor at the Graduate School of Business at Stanford University. He is known for his analysis of dynamic choice models and non-cooperative game theory, particularly the idea of sequential equilibrium, which he developed with Stanford Business School colleague Robert B. Wilson.


He earned his A.B. from Dartmouth College in 1972 and his Ph.D. from Stanford in 1975. Kreps won the John Bates Clark Medal in 1989. He was awarded an honorary Ph.D. by the Université Paris-Dauphine in 2001. With colleagues Paul Milgrom and Robert B. Wilson, he was awarded the 2018 John J. Carty Award for the Advancement of Science. He is a member of the National Academy of Sciences.

He has also written many books, including Microeconomics for Managers, [1] A Course in Microeconomic Theory, and Game Theory and Economic Modeling. [2]

See also

Related Research Articles

Economics Social science that analyzes the production, distribution, and consumption of goods and services

Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.

Microeconomics Branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources

Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Kenneth Arrow

Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.

Myron Scholes

Myron Samuel Scholes is a Canadian-American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black–Scholes options pricing model. Scholes is currently the chairman of the Board of Economic Advisers of Stamos Capital Partners. Previously he served as the chairman of Platinum Grove Asset Management and on the Dimensional Fund Advisors board of directors, American Century Mutual Fund board of directors and the Cutwater Advisory Board. He was a principal and limited partner at Long-Term Capital Management and a managing director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, senior research fellow at the Hoover Institution, director of the Center for Research in Security Prices, and professor of finance at MIT's Sloan School of Management. Scholes earned his PhD at the University of Chicago.

Vernon L. Smith

Vernon Lomax Smith is an American economist and professor of business economics and law at Chapman University. He is formerly a professor of economics and law at George Mason University, and a board member of the Mercatus Center. He was also a founding board member of the Center for Growth and Opportunity at Utah State University.

Robert Solow

Robert Merton Solow, GCIH, is an American economist whose work on the theory of economic growth culminated in the exogenous growth model named after him. He is currently Emeritus Institute Professor of Economics at the Massachusetts Institute of Technology, where he has been a professor since 1949. He was awarded the John Bates Clark Medal in 1961, the Nobel Memorial Prize in Economic Sciences in 1987, and the Presidential Medal of Freedom in 2014. Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond and William Nordhaus later received Nobel Memorial Prizes in Economic Sciences in their own right.

Paul Samuelson American economist

Paul Anthony Samuelson was an American economist. The first American to win the Nobel Memorial Prize in Economic Sciences, the Swedish Royal Academies stated, when awarding the prize in 1970, that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Economic historian Randall E. Parker has called him the "Father of Modern Economics", and The New York Times considered him to be the "foremost academic economist of the 20th century".

Managerial economics is a branch of economics which deals with the application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business these business decisions not only affect daily decisions, also affects the economic power of long-term planning decisions, its theory is mainly around the demand, production, cost, market and so on several factors. In other words, managerial economics is a combination of economics theory and managerial theory. It helps the manager in decision-making and acts as a link between practice and theory. It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units.

Paul Milgrom Economist and winner of the 2020 Nobel Prize in Economics

Paul Robert Milgrom is an American economist. He is the Shirley and Leonard Ely Professor of Humanities and Sciences at Stanford University, a position he has held since 1987. Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is the winner of the 2020 Nobel Memorial Prize in Economic Sciences, together with Robert B. Wilson, "for improvements to auction theory and inventions of new auction formats".

Andrew B. Whinston is an American economist and computer scientist. He is the Hugh Roy Cullen Centennial Chair in Business Administration, Professor of Information Systems, Computer Science and Economics, and Director of the Center for Research in Electronic Commerce (CREC) in the McCombs School of Business at the University of Texas at Austin.

Ariel Rubinstein

Ariel Rubinstein is an Israeli economist who works in economic theory, game theory and bounded rationality.

Philosophy and economics, also philosophy of economics, studies topics such as rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.

Avinash Dixit

Avinash Kamalakar Dixit is an Indian-American economist. He is the John J. F. Sherrerd '52 University Professor of Economics Emeritus at Princeton University, and has been Distinguished Adjunct Professor of Economics at Lingnan University, senior research fellow at Nuffield College, Oxford and Sanjaya Lall Senior Visiting Research Fellow at Green Templeton College, Oxford.

Robert Ekelund

Robert Burton Ekelund Jr. is an American economist.

Robert Butler Wilson, Jr. is an American economist and the Adams Distinguished Professor of Management, Emeritus at Stanford University. He was jointly awarded the 2020 Nobel Memorial Prize in Economic Sciences, together with his Stanford colleague and former student Paul R. Milgrom, "for improvements to auction theory and inventions of new auction formats". Two more of his students, Alvin E. Roth and Bengt Holmström, are also Nobel Laureates in their own right.

Donald John Roberts is a Canadian-American economist, and John H. and Irene S. Scully Professor of Economics, Strategic Management and International Business at the Stanford Graduate School of Business.

Alvin E. Roth

Alvin Elliot Roth is an American academic. He is the Craig and Susan McCaw professor of economics at Stanford University and the Gund professor of economics and business administration emeritus at Harvard University. He was President of the American Economics Association in 2017.

John Michael Harrison is an American researcher, known for his contributions to the theory of operations research, in particular stochastic networks and financial engineering. He has authored two books and nearly 90 journal articles.

Ross Marc Starr is an American economist who specializes in microeconomic theory, monetary economics and mathematical economics. He is a Professor at the University of California, San Diego.

B. Douglas Bernheim is an American professor of Economics, currently the Edward Ames Edmunds Professor of Economics at Stanford University; his previous academic appointments have included an endowed chair in Economics and Business Policy at Princeton University and an endowed chair in Insurance and Risk Management at Northwestern University’s J.L. Kellogg Graduate School of Management, Department of Finance. He has published many articles in academic journals, and has received a number of awards recognizing his contributions to the field of economics. He is a partner with Bates White, LLC an economic consulting firm with offices in Washington, D.C., and San Diego, California.


  1. David M. Kreps (2004). Microeconomics for Managers. Norton. ISBN   978-0-393-97678-6.
  2. David M. Kreps (1990). Game Theory and Economic Modelling. Oxford University Press. ISBN   978-0-19-828381-2.