Eric Maskin
Encyclopedia
Eric Stark Maskin is an American
economist
and Nobel laureate recognized with Leonid Hurwicz
and Roger Myerson
"for having laid the foundations of mechanism design
theory." He is the Albert O. Hirschman
Professor of Social Science at the Institute for Advanced Study
, and a visiting lecturer with the rank of Professor at Princeton University
.
, New York
on December 12, 1950, to a non-religious Jewish family, and grew up in Alpine, New Jersey
. He graduated from Tenafly High School
in Tenafly, New Jersey
in 1968, and attended Harvard University
where he received his A.B.
in mathematics and Ph.D.
in applied mathematics. After he earned his doctorate, Maskin went to the University of Cambridge
in 1976 where he was a research fellow at Jesus College, Cambridge
. He taught at Massachusetts Institute of Technology
from 1977–1984 and from 1985-2000 at Harvard University, where he was the Louis Berkman Professor of Economics. In 2000, he moved to the Institute for Advanced Study
in Princeton, New Jersey
.
Maskin has worked in diverse areas of economic theory, such as game theory
, the economics of incentives, and contract theory. He is particularly well known for his papers on mechanism design
/implementation theory
and dynamic games. His current research projects include comparing different electoral rules, examining the causes of inequality and studying coalition formation. He is a Fellow of the American Academy of Arts and Sciences
, Econometric Society
, and the European Economic Association, and a Corresponding Fellow of the British Academy
. He was president of the Econometric Society in 2003.
Maskin is married to Gayle Sawtelle, a history lecturer, and has two children. They occupy the former Albert Einstein residence
in Princeton, N.J.
inhibit innovation
rather than stimulate progress. Software, semiconductor, and computer industries have been innovative despite historically weak patent protection, he argued. Innovation in those industries has been sequential and complementary, so competition can increase firms' future profits. In such a dynamic industry, "patent protection may reduce overall innovation and social welfare." A natural experiment occurred in the 1980s when patent protection was extended to software," wrote Maskin. "Standard arguments would predict that R&D intensity and productivity should have increased among patenting firms. Consistent with our model, however, these increases did not occur." Other evidence supporting this model includes a distinctive pattern of cross-licensing and a positive relationship between rates of innovation and firm entry.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and Nobel laureate recognized with Leonid Hurwicz
Leonid Hurwicz
Leonid "Leo" Hurwicz was a Russian-born American economist and mathematician. His nationality of origin was Polish. He was Jewish. He originated incentive compatibility and mechanism design, which show how desired outcomes are achieved in economics, social science and political science...
and Roger Myerson
Roger Myerson
Roger Bruce Myerson is an American economist and Nobel laureate recognized with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory." A professor at the University of Chicago, he has made contributions as an economist, as an applied mathematician, and as a...
"for having laid the foundations of mechanism design
Mechanism design
Mechanism design is a field in game theory studying solution concepts for a class of private information games...
theory." He is the Albert O. Hirschman
Albert O. Hirschman
Albert Otto Hirschman is an influential economist who has authored several books on political economy and political ideology. His first major contribution was in the area of development economics. Here he emphasized the need for unbalanced growth...
Professor of Social Science at the Institute for Advanced Study
Institute for Advanced Study
The Institute for Advanced Study, located in Princeton, New Jersey, United States, is an independent postgraduate center for theoretical research and intellectual inquiry. It was founded in 1930 by Abraham Flexner...
, and a visiting lecturer with the rank of Professor at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
.
Biography
Maskin was born in New York CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
on December 12, 1950, to a non-religious Jewish family, and grew up in Alpine, New Jersey
Alpine, New Jersey
Alpine is a borough in Bergen County, New Jersey, United States. It is a suburb of New York City, located northwest of Midtown Manhattan. As of the 2010 United States Census, the borough population was 1,849....
. He graduated from Tenafly High School
Tenafly High School
Tenafly High School is a four-year comprehensive public high school serving students in grades nine through twelve from Tenafly, New Jersey, United States, operating as part of the Tenafly Public Schools...
in Tenafly, New Jersey
Tenafly, New Jersey
Tenafly is a borough in Bergen County, New Jersey, United States. As of the 2010 census, the borough population was 14,488. Tenafly is an affluent suburb of New York City....
in 1968, and attended Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
where he received his A.B.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in mathematics and Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in applied mathematics. After he earned his doctorate, Maskin went to the University of Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
in 1976 where he was a research fellow at Jesus College, Cambridge
Jesus College, Cambridge
Jesus College is a constituent college of the University of Cambridge, England.The College was founded in 1496 on the site of a Benedictine nunnery by John Alcock, then Bishop of Ely...
. He taught at Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
from 1977–1984 and from 1985-2000 at Harvard University, where he was the Louis Berkman Professor of Economics. In 2000, he moved to the Institute for Advanced Study
Institute for Advanced Study
The Institute for Advanced Study, located in Princeton, New Jersey, United States, is an independent postgraduate center for theoretical research and intellectual inquiry. It was founded in 1930 by Abraham Flexner...
in Princeton, New Jersey
Princeton, New Jersey
Princeton is a community located in Mercer County, New Jersey, United States. It is best known as the location of Princeton University, which has been sited in the community since 1756...
.
Maskin has worked in diverse areas of economic theory, such as game theory
Game theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
, the economics of incentives, and contract theory. He is particularly well known for his papers on mechanism design
Mechanism design
Mechanism design is a field in game theory studying solution concepts for a class of private information games...
/implementation theory
Implementation theory
Implementation theory is an area of game theory closely related to mechanism design where an attempt is made to add into a game a mechanism such that the equilibrium of the game conforms to some concept of social optimality ....
and dynamic games. His current research projects include comparing different electoral rules, examining the causes of inequality and studying coalition formation. He is a Fellow of the American Academy of Arts and Sciences
American Academy of Arts and Sciences
The American Academy of Arts and Sciences is an independent policy research center that conducts multidisciplinary studies of complex and emerging problems. The Academy’s elected members are leaders in the academic disciplines, the arts, business, and public affairs.James Bowdoin, John Adams, and...
, Econometric Society
Econometric Society
The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics. It was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio....
, and the European Economic Association, and a Corresponding Fellow of the British Academy
British Academy
The British Academy is the United Kingdom's national body for the humanities and the social sciences. Its purpose is to inspire, recognise and support excellence in the humanities and social sciences, throughout the UK and internationally, and to champion their role and value.It receives an annual...
. He was president of the Econometric Society in 2003.
Maskin is married to Gayle Sawtelle, a history lecturer, and has two children. They occupy the former Albert Einstein residence
Albert Einstein House
The Albert Einstein House at 112 Mercer Street in Princeton, New Jersey was the home of Albert Einstein from 1936 until his death in 1955.The house "was probably built in the 1870's or 1880's...
in Princeton, N.J.
Software patents
Maskin suggested that software patentsSoftware patent debate
The software patent debate is the argument dealing with the extent to which it should be possible to patent software and computer-implemented inventions as a matter of public policy. Policy debate on software patents has been active for years. The opponents to software patents have gained more...
inhibit innovation
Innovation
Innovation is the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets, governments, and society...
rather than stimulate progress. Software, semiconductor, and computer industries have been innovative despite historically weak patent protection, he argued. Innovation in those industries has been sequential and complementary, so competition can increase firms' future profits. In such a dynamic industry, "patent protection may reduce overall innovation and social welfare." A natural experiment occurred in the 1980s when patent protection was extended to software," wrote Maskin. "Standard arguments would predict that R&D intensity and productivity should have increased among patenting firms. Consistent with our model, however, these increases did not occur." Other evidence supporting this model includes a distinctive pattern of cross-licensing and a positive relationship between rates of innovation and firm entry.