Paul R. Milgrom
Early Life and Education
Paul Robert Milgrom was born on April 20, 1948, in Detroit, Michigan. He completed his undergraduate studies at the University of Michigan, where he received a Bachelor of Arts degree in Mathematics in 1970. Following his graduation, Milgrom pursued his Master's degree in Statistics at Stanford University, graduating in 1978. He continued his studies at Stanford University, earning a Ph.D. in Business in 1979 under the guidance of Robert B. Wilson, a renowned economist and game theorist.
Career
After completing his Ph.D., Milgrom began his academic career as an Assistant Professor at the Northwestern University's Kellogg School of Management. In 1982, he returned to Stanford University as a Professor of Economics and Business, where he continues to teach and conduct research.
Throughout his career, Milgrom has made significant contributions to the fields of economics and game theory. His work has largely focused on auction theory, incentive theory, and market design. He has published numerous research papers and books, including "Putting Auction Theory to Work," which has become a seminal text in the field of auction theory.
Contributions to Economics
Milgrom's work in auction theory has had a profound impact on the field of economics. He developed innovative auction formats for markets that do not traditionally use auctions, such as radio spectrum auctions. His work has been instrumental in the design and implementation of the Federal Communications Commission (FCC) spectrum auctions in the United States.
In addition to his contributions to auction theory, Milgrom has also made significant advancements in the field of incentive theory. His research in this area has provided insights into the optimal design of incentives in organizations and markets.
Awards and Honors
Over the course of his career, Milgrom has received numerous awards and honors for his contributions to the field of economics. In 2008, he was awarded the Nemmers Prize in Economics for his work on the theory of auctions. In 2012, he received the BBVA Foundation Frontiers of Knowledge Award in the category of Economics, Finance, and Management for his contributions to auction theory and market design.
In 2020, Milgrom was awarded the Nobel Prize in Economic Sciences alongside his mentor and collaborator, Robert B. Wilson, for their improvements to auction theory and inventions of new auction formats.
Personal Life
Milgrom is married to Eva Meyersson Milgrom, a Swedish economist and Professor of Sociology and Labor Studies at Stanford University. They have two children together.