|Field|| Microeconomics |
|Alma mater|| Stanford Graduate School of Business |
| Paul Milgrom |
Donald John Roberts
|Awards||John Bates Clark Medal (2007)|
|Information at IDEAS / RePEc|
Susan Carleton Athey (born 1970/1971) is an American microeconomist. 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. She is the first female winner of the John Bates Clark Medal. She served as the consulting chief economist for Microsoft for six years and was a consulting researcher to Microsoft Research. She is currently on the boards of Expedia, Lending Club, Rover, Turo, Ripple, and non-profit Innovations for Poverty Action. She also serves as the senior fellow at Stanford Institute for Economic Policy Research. She is an associate director for the Stanford Institute for Human-Centered Artificial Intelligence and the director of Golub Capital Social Impact Lab.
Athey was born in Boston, Massachusetts, and grew up in Rockville, Maryland. Her parents are Elizabeth Johansen, an English teacher and freelance editor, and Whit Athey, a physics scholar.
Athey attended Duke University as an undergraduate, completing three majors (economics, mathematics, and computer science) and graduating with a BA in 1991.She got her start in economics research during a summer job preparing bids for a company that was selling personal computers to the government through procurement auctions, working on problems related to auctions with Bob Marshall, a professor at Duke University who worked on defense procurement and helped her with procurement auctions. She was involved in a number of activities at Duke and served as treasurer of Chi Omega sorority and as president of the field hockey club.
Athey graduated with a Ph.D. from the Stanford Graduate School of Business at the age of 24 in 1995.Her thesis was supervised by Paul Milgrom and Donald John Roberts. Athey also received an honorary doctorate from Duke University.
Athey has been married to economist Guido Imbens since 2002.
Athey's first position was as an assistant professor at the Massachusetts Institute of Technology, where she taught for six years before returning to Stanford's Department of Economics as professor, holding the Holbrook Working Chair for another five years. She then served as professor of economics at Harvard University until 2012, when she returned to the Stanford Graduate School of Business, her alma mater.
Because of Athey's completion of triple majors---economics, mathematics and computer science---in Duke University during her undergraduate period, she always utilized programming and statistics as tools to solve problems in the field of economics. Based on this background, Athey is interested in economics of the Internet, economics of the news media, internet search, econometrics and machine learning, big data and math-based currency. Besides, there are other related fields such as platform markets, online advertising and industrial organization where she puts efforts on. Currently, she focuses on the economics of digitization, marketplace design, and the intersection of econometrics and machine learning.
Auctions were the reason Athey went into economics. She has contributed on all dimensions to research on auctions. Athey's theoretical work on collusion in repeated games applies to auctions. As well as her existence theorem for sets with private information, she has done an innovative job on the econometrics of auctions. She has performed significant empirical work in econometrics of auctions. She also designed work that has had significant effects on business and public policy. Athey and Jonathan Levin examined the U.S. Forest Service's, oral ascending auctions for the rights to cut timber in the national forests. Typically, a given tract contains several different species of timber-yielding trees. The Forest Service publishes an estimate of the proportions of the various species based on an inspection. Potential bidders then can conduct their inspections. Bids are multidimensional: amounts to be paid per unit for each species. The winner is determined by aggregating each bidder's offer using the Forest Service's estimated proportions. The actual amount the winner pays, however, is computed by applying the bid vector to the exact amounts that are ultimately harvested (the winner has two years to complete the harvest). These rules create an incentive for a bidder whose estimate of the proportions differs from that of the Forest Service to skew its bidding, raising the price bid for the species that the bidder believes are less common than does the Forest Service. Conversely lowering the price bid for the species that the bidder believes are more common than does the Forest Service. For example, suppose there are two species and the Forest Service estimates that they are in equal proportions, but a bidder believes they are in dimensions 3:2. Then bids of ($100, $100) and ($50, $150) yield the same amount under the Forest Service proportions and so are equally likely to win, but the bidder's expected payments under the first and under the second differ).
One of Athey's best-known works that deals with auctions is called “Comparing Open and Sealed Bid Auctions: Theory and Evidence from Timber Auctions." In this paper, Athey works with Johnathan Levin and Enrique Seira. She and her peers were interested in testing to see if the participation effects on auction were important.” There are two types of auctions, open and sealed-bid auctions. Open auctions are where bidders are constantly outbidding one another until the last bidder gives up and the auction ends, and sealed-bid auctions are when individuals write down their bids and submit them, whomever has the highest bid wins. The data that they used came from the United States Forest Service auctions. As a conclusion, they found that participation matters. It even matters more than what is actually taking place during the auctioning process.
Athey's early contributions included a new way to model uncertainty (the subject of her doctoral dissertation) and understand investor behavior given uncertainty, along with insights into the behavior of auctions. Athey's research on decision-making under uncertainty focused on conditions under which optimal decision policies would be monotone in a given parameter. She applied her results to establish conditions under which Nash equilibria would exist in auctions and other Bayesian games.
Athey's work changed the way auctions are held. In the early 1990s Athey uncovered the weaknesses of an overly lenient dispute mechanism through experiences selling computers to the U.S. government at auctions, discovering that open auctions which resulted in frequent legal disputes followed by settlements were actually rife with collusion, e.g., auction winners shared a portion of their spoils with losers who had cooperated in bidding.She also aided British Columbia in the design of the pricing system used for publicly owned timber. She also published articles about auctions for online advertising and advised Microsoft about the design of their search advertising auctions.
Athey has served as an associate editor of several leading journals, including the American Economic Review , Review of Economic Studies , and the RAND Journal of Economics , as well as the National Science Foundation economics panel, and she also served as an associate editor for Econometrica , Theoretical Economics , and the Quarterly Journal of Economics . She is a past co-editor of the Journal of Economics and Management Strategy and American Economic Journal: Microeconomics. She was the chair of the program committee for the 2006 North American Winter Meetings, and has served on numerous committees for the Econometric Society, the American Economic Association, and the Committee for the Status of Women in the Economics Profession. She is a member of President Obama's Committee for the National Medal of Science.
Furthermore, besides professional services in academic committees, Athey, as a "tech economist", also used to serve as consultant chief economist for Microsoft Corporation for a few years and now serves on the board of Expedia, Lending Club, Rover Turo, and Ripple. She also serves as a long-term advisor to the British Columbia Ministry of Forests, helping architect and implement their auction-based pricing system. Athey is the founding director of the Golub Capital Social Impact Lab at Stanford GSB, and associate director of the Stanford Institute for Human-Centered Artificial Intelligence.
Athey has been personally named in a group of class actions, notably Zakinov v. Ripple Labs Inc. (case number 18-6753), running since 2018 that claim Athey and her employers, Ripple Labs Inc. have been in breach of various California and Federal securities laws.
Econometrica is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics. It is published by Wiley-Blackwell on behalf of the Econometric Society. The current editor-in-chief is Guido Imbens.
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".
Fernando Enrique Alvarez is an Argentine macroeconomist. He is professor of economics at the University of Chicago. He received his B.A. in Economics at Universidad Nacional de La Plata in 1989 and his Ph.D. from the University of Minnesota in 1994. He was elected a Fellow of the Econometric Society in 2008. He was named a Fellow of the American Academy of Arts and Sciences in 2018.
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians.
Martin James Browning is Professor of Economics at the University of Oxford, Oxford, England, a Fellow of Nuffield College, Oxford, a Fellow of the Econometric Society, and an emeritus Fellow of the European Economic Association.
The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch, first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of the Department of Economics of the University of Notre Dame, "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize.
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.
Paul David Klemperer FBA 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.
Faruk R. Gül is a Turkish American economist, a professor of economics at Princeton University and a Fellow of the Econometric Society.
Artyom Shneyerov is a microeconomist working at Concordia University in Montreal, Quebec, Canada. He is also an associate editor of the International Journal of Industrial Organization. His current 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:
Marc J. Melitz is an American economist. He is currently a professor of economics at Harvard University.
The methodology of econometrics is the study of the range of differing approaches to undertaking econometric analysis.
Manuel Arellano is a Spanish economist specialising in econometrics and empirical microeconomics. Together with Stephen Bond, he developed the Arellano–Bond estimator, a widely used GMM estimator for panel data. This estimator is based on the earlier article by Arellano's PhD supervisor, John Denis Sargan, and Alok Bhargava. RePEc lists the paper about the Arellano-Bond estimator as the most cited article in economics.
Guido Wilhelmus Imbens is a Dutch American economist. In 2021 Imbens was awarded half of the Nobel Memorial Prize in Economic Sciences jointly with Joshua Angrist "for their methodological contributions to the analysis of causal relationships", with David Card awarded the other half. He has been Professor of Economics at the Stanford Graduate School of Business at Stanford University since 2012.
John Philip Rust is an American economist and econometrician. John Rust received his PhD from MIT in 1983 and taught at the University of Wisconsin, Yale University and University of Maryland before joining Georgetown University in 2012. John Rust was awarded Frisch Medal in 1992 and became the fellow of Econometric Society in 1993.
Michihiro Kandori is a Japanese economist. He is a professor at the University of Tokyo.
Yuliy Sannikov is a Ukrainian economist known for his contributions to mathematical economics, game theory, and corporate finance. He is an economics professor at the Stanford Graduate School of Business, and won both the 2015 Fischer Black Prize and 2016 John Bates Clark Medal.
Francis X. Diebold is an American economist known for his work in predictive econometric modeling, financial econometrics, and macroeconometrics. He earned both his B.S. and Ph.D. degrees at the University of Pennsylvania, where his doctoral committee included Marc Nerlove, Lawrence Klein, and Peter Pauly. He has spent most of his career at Penn, where he has mentored approximately 75 Ph.D. students. Presently he is Paul F. and Warren S. Miller Professor of Social Sciences and Professor of Economics at Penn’s School of Arts and Sciences, and Professor of Finance and Professor of Statistics at Penn’s Wharton School. He is also a Faculty Research Associate at the National Bureau of Economic Research in Cambridge, Massachusetts, and author of the No Hesitations blog.
Peter Arcidiacono is an American economist and econometrician. He received his PhD from Wisconsin in 1999 and has taught at Duke University ever since. He became a fellow of the Econometric Society in 2018.
Yeon-Koo Che is a Korean American economist. He is the Kelvin J. Lancaster Professor of Economic Theory at Columbia University, a position he held since 2009. Prior to joining Columbia in 2005, he was a professor at University of Wisconsin-Madison.