50 Facts About Paul Milgrom

Paul Robert Milgrom was born on April 20,1948 and is an American economist.

Paul Milgrom is the Shirley and Leonard Ely Professor of Humanities and Sciences at the Stanford University School of Humanities and Sciences, a position he has held since 1987.

Paul Milgrom is a professor in the Stanford School of Engineering as well and a Senior Fellow at the Stanford Institute for Economic Research.

Paul Milgrom 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".

Paul Milgrom is the co-creator of the no-trade theorem with Nancy Stokey.

Paul Milgrom is the co-founder of several companies, the most recent of which, Auctionomics, provides software and services for commercial auctions and exchanges.

Paul Milgrom led the team that designed the broadcast incentive auction between 2016 and 2017, which was a two-sided auction to reallocate radio frequencies from TV broadcast to wireless broadband uses.

Paul Milgrom was born in Detroit, Michigan, April 20,1948, the second of four sons to Jewish parents Abraham Isaac Milgrom and Anne Lillian Finkelstein.

Paul Milgrom's family moved to Oak Park, Michigan, and Milgrom attended the Dewey Elementary School and then Oak Park High School.

Paul Milgrom had a strong interest in math from a young age, which was fostered by his teachers.

Paul Milgrom attended the Ross summer math camp at Ohio State University in 1965, where he finished number one in his class.

Paul Milgrom worked as an actuary for several years in San Francisco at the Metropolitan Insurance Company and then at the Nelson and Warren consultancy in Columbus, Ohio.

Paul Milgrom became a Fellow of the Society of Actuaries in 1974.

Paul Milgrom assumed a teaching position at the Kellogg School of Management at Northwestern University where he served from 1979 to 1983.

From 1982 to 1987, Paul Milgrom was a professor of economics and management at Yale University.

In 1987, Paul Milgrom returned as an economics professor to his alma mater, Stanford University, where he is currently the Shirley and Leonard Ely Professor of Humanities and Sciences in the Department of Economics.

Paul Milgrom held editorial positions at the American Economic Review, Econometrica and the Journal of Economic Theory.

Paul Milgrom became a Fellow of the Econometric Society in 1984, and the American Academy of Arts and Sciences in 1992.

In 2006, Paul Milgrom was elected to the National Academy of Sciences.

Paul Milgrom has made important contributions to the study of how asymmetric information can affect firm behavior in oligopolistic markets.

Paul Milgrom has explored issues of design, bidding and outcomes for auctions with different rules.

Paul Milgrom designed auctions for multiple complementary items, with an eye towards practical applications such as frequency spectrum auctions.

In 2013, Paul Milgrom was elected as Vice President of the American Economic Association.

In October 2020, Milgrom was the co-recipient of the 2020 Nobel Memorial Prize in Economic Sciences with Robert B Wilson.

Paul Milgrom formulated a more general theory of auctions that not only allows common values, but private values that vary from bidder to bidder.

Paul Milgrom analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other's estimated values during bidding.

Paul Milgrom made several fundamental contributions to game theory in the 1980s and 1990s on topics including the game-theoretic analysis of reputation formation, repeated games, supermodular games and learning in games.

Paul Milgrom made a fundamental contribution to the theory of repeated games.

Paul Milgrom's research has often highlighted the restrictiveness of these assumptions in economic applications.

Paul Milgrom pioneered in the development of new mathematical methods for understanding monotonic relationships in economics.

Holmstrom and Paul Milgrom believed that incorporating this multi-dimensional feature of incentive problems would generate implications for optimal incentive design that were more relevant for real world contracting problems.

The key insight in the Holmstrom-Paul Milgrom paper is that simple linear incentive schemes can become optimal when the agent can monitor the evolution over time of the performance measures on which his compensation will be based.

Finally, in their 1994 paper, Holmstrom and Paul Milgrom broadened the scope of their analysis to include not only performance-related pay but other management choices that affect agents' incentives, such as choices about how much discretion to give agents and about whether or not agents own the assets with which they work.

Holmstrom and Paul Milgrom anticipated an important aspect of the debate in education on the issue of teacher pay and incentives.

Paul Milgrom's idea is that, in addition to the prey, the predator too suffers from predatory pricing.

Appendix A in Paul Milgrom and Roberts proposes an alternative theory for equilibrium predatory pricing, that is, an alternative response to McGee's Chicago school criticism.

Paul Milgrom made early contributions to the growing literature applying game theoretic models to our understanding of the evolution of the legal institutions of the market economy.

Paul Milgrom, argued that the bargaining framework used in the standard DMP model does not correspond well to the way wages are actually negotiated.

Paul Milgrom stresses that with this shift in perspective on bargaining, the impact of improved general conditions on the wage bargain is weakened as long as costs of delay and renegotiation are not very sensitive to broader economic conditions.

Paul Milgrom was so persuasive because of his vision, clarity and economy of expression, ability to understand and address FCC needs, integrity, and passion for getting things right.

Paul Milgrom's proposed design was adopted in large part by the commission.

The Paul Milgrom-Wilson activity rule was an elegant, novel solution to a difficult practical auction design issue.

Subsequent to receiving Congressional authorization, the FCC announced in March 2012 that Paul Milgrom had been retained to lead a team of economists advising the FCC on the design of the incentive auctions.

Paul Milgrom stressed the assumptions that made them useful in generating robust empirical predictions as well as the core assumptions upon which those predictions relied.

Paul Milgrom has been involved for at least two decades in the design and practice of large-scale auctions.

Paul Milgrom has advised regulators in the US, UK, Canada, Australia, Germany, Sweden and Mexico on spectrum auctions, Microsoft on search advertising auctions and Google on the auction at the basis of their IPO.

In 2007, Paul Milgrom co-founded Auctionomics, with Silvia Console Battilana, to design auctions and advise bidders in different industries.

In 2009, Paul Milgrom was responsible for the development of assignment auctions and exchanges.

The design team was led by Paul Milgrom and includes Larry Ausubel, Kevin Leyton-Brown, Jon Levin and Ilya Segal.

In June 2024,16 Nobel Prize in Economics laureates, including Paul Milgrom, signed an open letter arguing that Donald Trump's fiscal and trade policies coupled with efforts to limit the Federal Reserve's independence would reignite inflation in the United States.