2008 Nemmers Prize in Economics Recipient

Paul R. Milgrom

For contributions dramatically expanding the understanding of the role of information and incentives in a variety of settings, including auctions, the theory of the firm, and oligopolistic markets

Official press release

Paul R. Milgrom is the Shirley R. and Leonard W. Ely, Jr. Professor of Humanities and Sciences at Stanford University. The selection committee for the economics prize recognized Milgrom "for contributions dramatically expanding the understanding of the role of information and incentives in a variety of settings, including auctions, the theory of the firm, and oligopolistic markets."

"Milgrom's path-breaking work has developed and popularized new tools for the analysis of asymmetric information and strategic interaction and, most significantly, has shown the usefulness of those tools for the analysis of applied problems," said Charles Manski, professor and chair of economics at Northwestern.

Milgrom's work on auctions helped lay the groundwork for one of the most fruitful research areas in microeconomics over the last 30 years and has seen practical applications in radio spectrum auctions worldwide. His work on the theory of the firm has been equally influential. Milgrom has also made important contributions to the study of how asymmetric information can affect firm behavior in oligopolistic markets.

Milgrom received his B.A. from the University of Michigan and Ph.D. from Stanford University. He has served on the faculty at Northwestern as well as Yale University. Among his honors, Milgrom is a member of the American Academy of Arts and Sciences and of the National Academy of Sciences and holds an honorary doctorate from the Stockholm School of Economics. He has twice been a Fellow of the Center for Advanced Study in the Behavioral Sciences, and has received a Guggenheim Fellowship. He currently serves on the council of the Econometric Society, and has served previously as co-editor of the American Economic Review.