|Institution|| University of Chicago |
|Alma mater||Harvard University (AB, SM, PhD)|
|Scott E. Page|
|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.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.
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.His doctorate thesis was A Theory of Cooperative Games.
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.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.
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.
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.
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.He is a Fellow of the Game Theory Society and serves as an advisory board member on the International Journal of Game Theory. Myerson holds an Honorary Doctorate from the University of Basel in 2002 and received the Jean-Jacques Laffont Prize in 2009.
In 1980, Myerson married Regina (née Weber) and the couple had two children, Daniel and Rebecca.
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.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:
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 asymmetric information. 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.
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.
Sir Clive William John Granger was a British econometrician known for his contributions to non-linear time series. He taught in Britain, at the University of Nottingham and in the United States, at the University of California, San Diego. In 2003, Granger was awarded the Nobel Memorial Prize in Economic Sciences, 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. Sir Clive Granger often refers to his time at HPH Claymore which he claims to be one of his main sources of inspiration, knowledge and bravery.
Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions. Information has special characteristics: It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions. These special characteristics complicate many standard economic theories.
Thomas John "Tom" Sargent is an American economist, who is currently 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 2014, he ranks fourteenth among the most cited economists 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".
Robert J. Weber is the Frederic E. Nemmers Distinguished Professor of Decision Sciences at the J.L. Kellogg Graduate School of Management, Northwestern University.
Hirofumi Uzawa was a Japanese economist.
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.
Screening in economics refers to a strategy of combating adverse selection, one of the potential decision-making complications in cases of asymmetric information, by the agent(s) with less information. The concept of screening was first developed by Michael Spence (1973), and should be distinguished from signalling, a strategy of combating adverse selection undertaken by the agent(s) with more information.
Lionel Wilfred McKenzie was an American economist. He was the Wilson Professor Emeritus of Economics at the University of Rochester. He was born in Montezuma, Georgia. He completed undergraduate studies at Duke University in 1939 and subsequently moved to Oxford that year as a Rhodes Scholar. McKenzie worked with the Cowles Commission while it was in Chicago and served as an assistant professor at Duke from 1948–1957. Having received his Ph.D at Princeton University in 1956, McKenzie moved to Rochester where he was responsible for the establishment of the graduate program in economics.
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 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 currently 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.
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 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 Atsushi Kajii. 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 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 a 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 1960s he pioneered the theory of active systems.
Edmund S. Phelps
| Laureate of the Nobel Memorial Prize in Economics |
Served alongside: Leonid Hurwicz, Eric S. Maskin