Paul David Klemperer FBA (born 15 August 1956) [1] is an economist and the Edgeworth Professor of Economics at the Department of Economics, Oxford University. He is a member of the Klemperer family. He works on industrial economics, competition policy, auction theory, and climate change economics and policy.
Having lived his early life in the Midlands where he attended the independent King Edward's School, Birmingham, [2] Klemperer went on to gain an engineering degree from Cambridge University, and an MBA and an economics PhD from Stanford University. He was elected John Thomson Fellow and tutor of St Catherine's College, Oxford in 1984, and a professorial fellow of Nuffield College, Oxford in 1995, when he became Edgeworth Professor of Economics in succession to Nobel Prize winner James Mirrlees.
He was a member of the UK Competition Commission from 2001–5. He was elected a fellow of the Econometric Society in 1994, a fellow of the British Academy in 1999, and a foreign honorary member of the American Academy of Arts and Sciences in 2005. He is also a fellow of the European Economic Association. [3]
His 1985 papers (with Jeremy Bulow and John Geanakoplos) developed the concept – and invented the terminology – of "strategic complements" that is now commonly used in game theory, industrial organisation and elsewhere. [4]
His PhD thesis, and independent work by Carl Christian von Weizsacker, began the study of consumer switching costs. [5]
His paper on supply function equilibria (with Margaret Meyer) developed a standard model for the analysis of privatised electricity markets, and has been important in developing the theory of multiunit auctions. [6]
His papers (many of which are co-authored with Jeremy Bulow) apply ideas from auction theory to other economic contexts, including finance and political economy. [7] [8] [9]
He has also invented new auction designs, including the "Product Mix Auction" that is now in regular use by the Bank of England (currently used monthly). [10] This new auction for differentiated products has similarities to a simultaneous multiple-round auction, but runs instantaneously, is said to be more robust against collusion, and allows sellers, as well as buyers, to specify how the quantities they trade will depend on the auction prices. His other innovations include the Anglo-Dutch auction, [11] and (with Aytek Erdil) Reference-Rule Pricing for package auctions. [12]
He has also worked (with Elizabeth Baldwin) on applying tropical geometry to economics and auctions, including the Product Mix auction.
He was principal auction-theorist designing the UK '3G' mobile-phone license auction that raised £22½ billion in spring 2000 and was far more successful than several parallel exercises on the European continent. The Netherland auction that took place 3 months later raised 1/4 of the revenue per head of population, and the difference has been attributed to the auction design. [13] It has been argued that the UK Treasury owes £15 billion or more to him and Ken Binmore, who led the auction team.
In 2002, he advised the UK government on the world's first auction for greenhouse gas emissions reductions, working with Nobel prizewinner Eric Maskin.
In 2007–2008, he advised the UK and US governments on the financial crisis, and he developed a new form of auction (the Product Mix auction) to help the Bank of England alleviate the liquidity crisis. [14] The Bank Governor, Sir Mervyn King, told the Economist that "The Bank of England's use of Klemperer auctions in our liquidity insurance operations is a marvellous application of theoretical economics to a practical problem of vital importance to financial markets." [15] He subsequently advised other countries' Central Banks.
He advised the US Federal Trade Commission 1999–2001, was a member of the UK Competition Commission from 2001–5, and remains on its Panel of Economic Advisors.
He participated in the meeting that drafted the Potsdam Memorandum to the 2007 UN Climate Change Conference in Bali; [16] he is on the Environmental Economics Academic Panel to the UK's Department of the Environment (Defra).
Klemperer is married to economist Margaret A. Meyer, with whom he has written a number of research articles. [17]
In mathematics, a function
Antoine Augustin Cournot was a French philosopher and mathematician who contributed to the development of economics.
Paul Robert Milgrom is an American economist. He is the Shirley and Leonard Ely Professor of Humanities and Sciences at the Stanford University School of Humanities and Sciences, a position he has held since 1987. He is a professor in the Stanford School of Engineering as well and a Senior Fellow at the Stanford Institute for Economic Research. 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".
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Lars Peter Hansen is an American economist. He is the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the Booth School of Business, at the University of Chicago and a 2013 recipient of the Nobel Memorial Prize in Economics.
Christian Gouriéroux is an econometrician who holds a Doctor of Philosophy in mathematics from the University of Rouen. He has the Professor exceptional level title from France. Gouriéroux is now a professor at University of Toronto and CREST, Paris [Center for Research in Economics and Statistics].
John August List is an American economist known for his work in establishing field experiments as a tool in empirical economic analysis. Since 2016, he has served as the Kenneth C. Griffin Distinguished Service Professor of Economics at the University of Chicago, where he was Chairman of the Department of Economics from 2012 to 2018. Since 2016, he has also served as Visiting Robert F. Hartsook Chair in Fundraising at the Lilly Family School of Philanthropy at Indiana University. In 2011, List was elected to the American Academy of Arts and Sciences, and in 2011, he was elected a Fellow of the Econometric Society.
Peter Charles Bonest Phillips is an econometrician. Since 1979 he has been Professor of Economics and Statistics at Yale University. He also holds positions at the University of Auckland, Singapore Management University and the University of Southampton. He is currently the co-director of Center for Financial Econometrics of Sim Kee Boon Institute for Financial Economics at Singapore Management University and is an adjunct professor of econometrics at the University of Southampton.
Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The confluence of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues that can lead to market failure. The design of these rulesets encourages optimal bidding strategies in a variety of informational settings. The 2020 Nobel Prize for Economics was awarded to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats."
Georgios Alogoskoufis is a professor of economics at the Athens University of Economics and Business since 1990. He was a member of the Hellenic Parliament from September 1996 till October 2009 and served as Greece's Minister of Economy and Finance from March 2004 till January 2009.
Susan Carleton Athey is an American economist. She is the Economics of Technology Professor in the School of Humanities and Sciences at the Stanford Graduate School of Business. Prior to joining Stanford, she has been a professor at Harvard University and the Massachusetts Institute of Technology.
Roger Bruce Myerson is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy, the Griffin Department of Economics, and the College of the University of Chicago. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory". He was elected a Member of the American Philosophical Society in 2019.
Artyom Shneyerov was a microeconomist working at Concordia University in Montreal, Quebec, Canada. He was also an associate editor of the International Journal of Industrial Organization. His research is in the fields of game theory, industrial organization and applied econometrics. His contributions to these and other areas of economics include the following:
Esfandiar Maasoumi is an econometrician and an economist. He is a Distinguished Professor at Emory University. He received his bachelor's and master's degrees from the London School of Economics. He earned his Ph.D.in 1977, also from the London School of Economics. He is fellow of the Royal Statistical Society, a Fellow of the American Statistical Association, and a fellow of the Journal of Econometrics. He is ranked in the Econometricians Hall of Fame. Maasoumi has served as Editor of Econometric Reviews since 1987. He has influential contributions in forecasting, specification analysis, information theory, multidimensional welfare/wellbeing, mobility and inequality. He has published more than 100 articles and reviews in the leading journals in economics. Ph.d advisor: Denis Sargan Citizen: US and Iran Born: Tehran, Iran Mother: Sharifeh Fakhri Father: Ahmad Daughter: Maya Amitis, born on May 19, 1982. High school: Hadaf III, Tehran
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences and convex budget sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood. When convexity assumptions are violated, then many of the good properties of competitive markets need not hold: Thus, non-convexity is associated with market failures, where supply and demand differ or where market equilibria can be inefficient. Non-convex economies are studied with nonsmooth analysis, which is a generalization of convex analysis.
Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.
Prasanta Kumar Pattanaik, is an Indian-American emeritus professor at the Department of Economics at the University of California. He is a Fellow of the Econometric Society.
Dame Rachel Susan Griffith is a British-American academic and educator. She is professor of economics at the University of Manchester and a research director at the Institute for Fiscal Studies.
Hessel Oosterbeek is a Dutch economist. He currently works as Professor of Economics at the University of Amsterdam. In particular, Oosterbeek has conducted extensive research on the returns to schooling, the economics of training, investment contracts, and overeducation and has performed impact evaluations for various interventions in especially education. Oosterbeek ranks among the most-cited Dutch economists and the world's leading education economists.