Robert B. Wilson
Early Life and Education
Robert Butler Wilson was born on May 16, 1937, in Geneva, Nebraska. He attended Harvard University, where he earned his Bachelor's degree in Mathematics in 1959. He then continued his studies at Harvard, earning a Doctorate in Business Administration in 1963. His doctoral thesis, titled "A Simplicity Criterion for the Computation of Equilibrium Prices", was a pioneering work in the field of game theory.
Career
After completing his doctorate, Wilson began his academic career at Stanford University's Graduate School of Business in 1964. He was appointed as an Associate Professor of Management Science and later promoted to Professor in 1968. He served as the Atholl McBean Professor of Economics from 1982 to 1987 and was appointed the Adams Distinguished Professor of Management, Emeritus in 2004.
Wilson's research interests spanned several fields, including economics, management science, and operations research. He made significant contributions to the fields of auction theory, pricing strategies, and market design.
Contributions to Auction Theory
Wilson's work in auction theory has been influential in shaping the way auctions are conducted, particularly in the telecommunications industry. His research focused on the concept of the "winner's curse", a phenomenon where the winner of an auction tends to overpay due to incomplete information. Wilson developed models to explain this phenomenon and proposed strategies to mitigate its effects.
Market Design
Wilson also made significant contributions to the field of market design. He developed models and algorithms for designing complex markets, such as those for electricity and telecommunications services. His work has been applied in the design of markets for power, water, and telecommunications spectrum, leading to more efficient and fair allocation of resources.
Awards and Honors
Over the course of his career, Wilson received numerous awards and honors for his contributions to economics and related fields. He was awarded the Nobel Prize in Economic Sciences in 2020, along with his former student and collaborator, Paul R. Milgrom, for their work in improving auction theory and inventing new auction formats.
Personal Life
Wilson is married to Marjorie Wilson, and they have two children. He is known for his love of hiking and outdoor activities, often spending his free time exploring the natural beauty of California.
