Roger Myerson

Last updated
Roger Myerson
Myerson roger b print.jpg
Born (1951-03-29) March 29, 1951 (age 70)
Nationality United States
Institution University of Chicago
Northwestern University
Field Game theory
Alma mater Harvard University (AB, SM, PhD)
Doctoral
advisor
Kenneth Arrow
Doctoral
students
Scott E. Page
Contributions Mechanism design
Awards Nobel Memorial Prize in Economic Sciences (2007)
Information at IDEAS / RePEc

Roger Bruce Myerson (born 1951) 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. [1] Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. [2] 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." [3] He was elected a Member of the American Philosophical Society in 2019. [4]

Contents

Biography

Roger Myerson was born in 1951 in Boston. He attended Harvard University, where he received his A.B., summa cum laude , and S.M. in applied mathematics in 1973. He completed his Ph.D. in applied mathematics from Harvard University in 1976. [5] His doctorate thesis was A Theory of Cooperative Games. [6]

From 1976 to 2001, Myerson was a professor of economics at Northwestern University's Kellogg School of Management, where he conducted much of his Nobel-winning research. [7] From 1978 to 1979, he was Visiting Researcher at Bielefeld University. He was Visiting Professor of Economics at the University of Chicago from 1985–86 and from 2000–01. He became Professor of Economics at Chicago in 2001. Currently, he is the inaugural David L. Pearson Distinguished Service Professor of Global Conflict Studies at the University of Chicago. [8]

Awards and Honors

Bank of Sweden Nobel Memorial Prize

Myerson was one of the three winners of the 2007 Nobel Memorial Prize in Economic Sciences, the other two being Leonid Hurwicz of the University of Minnesota, and Eric Maskin of the Institute for Advanced Study. He was awarded the prize for his contributions to mechanism design theory. [9]

Myerson made a path-breaking contribution to mechanism design theory when he discovered a fundamental connection between the allocation to be implemented and the monetary transfers needed to induce informed agents to reveal their information truthfully. Mechanism design theory allows for people to distinguish situations in which markets work well from those in which they do not. The theory has helped economists identify efficient trading mechanisms, regulation schemes, and voting procedures. Today, the theory plays a central role in many areas of economics and parts of political science. [9]

Memberships and Honors

Myerson is a member of the American Academy of Arts and Sciences, the National Academy of Sciences, the Council on Foreign Relations, and the American Philosophical Society. [6] He is a Fellow of the Game Theory Society [10] and serves as an advisory board member on the International Journal of Game Theory. [11] Myerson holds an Honorary Doctorate from the University of Basel in 2002 [12] and received the Jean-Jacques Laffont Prize in 2009. [13] He also served on the Social Sciences jury for the Infosys Prize in 2016.

Personal life

In 1980, Myerson married Regina (née Weber) and the couple had two children, Daniel and Rebecca. [14]

Publications

Game theory and mechanism design

He wrote a general textbook on game theory in 1991, and has also written on the history of game theory, including his review of the origins and significance of noncooperative game theory. [15] He also served on the editorial board of the International Journal of Game Theory for ten years.

Myerson has worked on economic analysis of political institutions and written several major survey papers:

His recent work on democratization has raised critical questions about American policy in occupied Iraq:

Books

Concepts named after him

See also

Related Research Articles

Ragnar Frisch Norwegian economist

Ragnar Anton Kittil Frisch was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969. He is known for being one of the founders of the discipline of econometrics, and for coining the widely used term pair macroeconomics/microeconomics in 1933.

Kenneth Arrow American economist

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.

In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as Law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations. Holmström (MIT) focused more on the connection between incentives and risk, while Hart (Harvard) on the unpredictability of the future that creates holes in contracts.

Gérard Debreu

Gérard Debreu was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences.

Clive Granger

Sir Clive William John Granger was a British econometrician known for his contributions to nonlinear time series analysis. He taught in Britain, at the University of Nottingham and in the United States, at the University of California, San Diego. Granger was awarded the Nobel Memorial Prize in Economic Sciences in 2003 in recognition of the contributions that he and his co-winner, Robert F. Engle, had made to the analysis of time series data. This work fundamentally changed the way in which economists analyse financial and macroeconomic data.

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".

Thomas J. Sargent American economist

Thomas John Sargent is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometrics. As of 2020, he ranks as the 29th most cited economist in the world. He was awarded the Nobel Memorial Prize in Economics in 2011 together with Christopher A. Sims for their "empirical research on cause and effect in the macroeconomy".

Hirofumi Uzawa was a Japanese economist.

Lars Peter Hansen

Lars Peter Hansen is an American economist. He is the David Rockefeller Distinguished Service Professor of economics at the University of Chicago and a 2013 recipient of the Nobel Memorial Prize in Economics.

Leonid Hurwicz

Leonid "Leo" Hurwicz was a Polish-American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences for his seminal work on mechanism design. Hurwicz was one of the oldest Nobel Laureates, having received the prize at the age of 90.

Eric Maskin American Nobel laureate in economics

Eric Stark Maskin is an American economist and 2007 Nobel laureate recognized with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". He is the Adams University Professor and Professor of Economics and Mathematics at Harvard University.

Henry Schultz was an American economist, statistician, and one of the founders of econometrics. Paul Samuelson named Schultz as one of the several "American saints in economics" born after 1860.

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.

Stanley Reiter was an American author, economist, and Emeritus Professor at Northwestern University. Reiter was a leading pioneer in the field of mechanism design.

Roger Guesnerie is an economist born in France in 1943. He is currently the Chaired Professor of Economic Theory and Social Organization of the Collège de France, Director of Studies at the École des hautes études en sciences sociales, and the chairman of the board of directors of the Paris School of Economics.

Arunava Sen

Arunava Sen is a Professor of Economics at the Indian Statistical Institute. He works on Game Theory, Social Choice Theory, Mechanism Design, Voting and Auctions.

The Journal of Mathematical Economics is a bimonthly peer-reviewed academic journal of mathematical economics published by Elsevier. It covers work in economic theory which expresses economic ideas using formal mathematical reasoning. The journal was established in 1974, with Werner Hildenbrand as the founding editor-in-chief. The current editor-in-chief is Andres Carvajal. According to the Journal Citation Reports, the journal has a 2018 5-year impact factor of 0.725.

Hervé Moulin is a French mathematician who is the Donald J. Robertson Chair of Economics at the Adam Smith Business School at the University of Glasgow. He is known for his research contributions in mathematical economics, in particular in the fields of mechanism design, social choice, game theory and fair division. He has written five books and over 100 peer-reviewed articles.

Vladimir Burkov

Vladimir Nikolaevich Burkov is a Russian control theorist and the author of more than four hundred publications on control problems, game theory, and combinatorial optimization. Laureate of State Prize of USSR, of Prize of Cabinet Council of USSR, he is an Honoured Scholar of the Russian Federation. Vladimir Burkov is a vice-president of Russian Project Management Association (SOVNET), Member of Russian Academy of Natural Sciences. A professor at Moscow Institute of Physics and Technology and Head of Laboratory at V.A. Trapeznikov Institute of Control Sciences of RAS, in the end of the 1960s he pioneered the theory of active systems.

Joel Sobel is an American economist and currently professor of economics at the University of California, San Diego. His research focuses on game theory and has been seminal in the field of strategic communication in economic games. His work with Vincent Crawford established the game-theoretic concept of cheap talk.

References

  1. "Roger Myerson Pearson Institute Faculty Profile".
  2. "Prof. Myerson's University of Chicago Department of Economics Profile".
  3. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007" (Press release). Nobel Foundation. October 15, 2007. Retrieved 2008-08-15.
  4. "APS Announces 2019 Class of New Members".
  5. "Front & Center with John Callaway: The Global Economic Crisis | Pritzker Military Museum & Library | Chicago".
  6. 1 2 "Curriculum Vitae of Roger Myerson" (PDF). Retrieved 2008-08-15.
  7. JUF News: Nobel Prize winners have Jewish, Chicago connections
  8. "Roger Myerson appointed inaugural David L. Pearson Distinguished Service Professor" . Retrieved 2019-12-23.
  9. 1 2 "Roger Myerson wins 2007 Nobel Memorial Prize in Economics". University of Chicago. 2007-10-17. Retrieved 2008-08-16.
  10. "Game Theory Society - People".
  11. "International Journal of Game Theory Editors".
  12. "Honorary Awards Faculty of Business and Economics".
  13. "Jean Jacques Laffont Prize Former Laureates".
  14. Roger B. Myerson on Nobelprize.org OOjs UI icon edit-ltr-progressive.svg , accessed 11 October 2020
  15. Myerson, Roger B. (1999). "Nash Equilibrium and the History of Economic Theory". Journal of Economic Literature . 37 (3): 1067–1082. CiteSeerX   10.1.1.130.7955 . doi:10.1257/jel.37.3.1067. JSTOR   2564872.
Awards
Preceded by
Edmund S. Phelps
Laureate of the Nobel Memorial Prize in Economics
2007
Served alongside: Leonid Hurwicz, Eric S. Maskin
Succeeded by
Paul Krugman