Paul Robert Milgrom American economist. Date of Birth: 20.04.1948 Country: USA

1. Paul Robert Milgrom: American Economist and Professor
2. Contributions to Economic Theory
3. Early Life and Education
4. Academic Career
5. Editorial Positions and Honors
6. Personal Life

Paul Robert Milgrom: American Economist and Professor

Paul Robert Milgrom is an American economist and professor of humanities and natural sciences at Stanford University. He has held this position since 1987. Milgrom is a specialist in game theory, particularly in auction theory and pricing strategy. He is also a co-founder of several firms, including 'Auctionomics', which provides software and services for creating efficient markets for complex commercial auctions and exchanges.

Contributions to Economic Theory

Alongside Nancy Stokey, Milgrom is one of the creators of the 'no-trade theorem'. This theorem suggests that, under conditions of fair play, there is little incentive for a rational economic agent to engage in market transactions. According to this theorem, if another rational agent believes that a particular asset should be sold at a certain price based on publicly available economic information, then there is no reason for anyone else, armed with the same information, to buy it.

Early Life and Education

Paul Robert Milgrom was born on April 20, 1948, in Detroit, Michigan. He completed his bachelor's degree in mathematics with honors at the University of Michigan in 1970. In 1975, Milgrom entered the doctoral program at Stanford University, where he earned a master's degree in statistics in 1978 and a Ph.D. in business in 1979. His dissertation advisor, Robert B. Wilson, later became his collaborator in designing the auction analysis process for the Federal Communications Commission.

Academic Career

After earning his Ph.D., Milgrom began teaching at Northwestern University, where he remained from 1979 to 1983. From 1982 to 1987, he served as a professor of economics and management at Yale University. In 1987, Milgrom returned to Stanford University as a professor of economics and has held this position ever since. He has advised several doctoral students, including Susan Athey, the recipient of the John Bates Clark Medal.

Editorial Positions and Honors

Milgrom has served as an editor for various prestigious journals, including the 'American Economic Review,' 'Econometrica,' and 'Journal of Economic Theory.' He became a member of the Econometric Society in 1984. In 1996, he delivered a memorial lecture in honor of Nobel laureate William Vickrey, who passed away three days after receiving the award. In 2006, Milgrom was elected a member of the National Academy of Sciences. He was awarded the Erwin Plein Nemmers Prize in Economics in 2008 for his significant contributions to understanding the role of information and incentives in various areas, including auctions, firm theory, and oligopolistic markets.

Personal Life

Milgrom is married to Eva Meyersson-Milgrom, and they have two children, Josh Thurston-Milgrom and Elana Thurston-Milgrom.