Roger Myerson
Encyclopedia
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 political scientist.
, where he received his A.B.
, summa cum laude, and S.M.
in applied mathematics
in 1973. He completed his Ph.D.
in applied mathematics from Harvard University in 1976. His doctorate thesis was A Theory of Cooperative Games.
From 1976 to 2001, Myerson was a professor of economics at Northwestern University
's Kellogg School of Management
, where he conducted much of his Nobel-winning research. From 1978 to 1979, he was Visiting Researcher at Bielefeld University
. He was Visiting Professor of Economics at the University of Chicago
from 1985–86 and from 2000–01. He became Professor of Economics at Chicago in 2001. Currently, he is the Glen A. Lloyd Distinguished Service Professor of Economics at the University of Chicago.
, the other two being Leonid Hurwicz
of the University of Minnesota
, and Eric Maskin
of the Institute for Advanced Study
. He was awarded the prize for his contributions to mechanism design theory.
Myerson made a path-breaking contribution to mechanism design theory when he discovered a fundamental connection between the allocation to be implemented and the monetary transfers needed to induce informed agents to reveal their information truthfully. Mechanism design theory allows for people to distinguish situations in which markets work well from those in which they do not. The theory has helped economists identify efficient trading mechanisms, regulation schemes, and voting procedures. Today, the theory plays a central role in many areas of economics
and parts of political science
.
He wrote a general textbook on game theory in 1991, and has also written on the history of game theory, including his review of the origins and significance of noncooperative game theory. He also served on the editorial board of the International Journal of Game Theory for ten years.
Myerson has worked on economic analysis of political institutions and written several major survey papers:
His recent work on democratization has raised critical questions about American policy in occupied Iraq.
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 Eric Maskin
Eric Maskin
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...
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." A professor at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
, he has made contributions as an economist, as an applied mathematician, and as a political scientist.
Biography
Roger Myerson was born on March 29, 1951 in Boston to a Jewish family. He attended Harvard UniversityHarvard 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...
, summa cum laude, and S.M.
Master of Science
A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...
in applied mathematics
Applied mathematics
Applied mathematics is a branch of mathematics that concerns itself with mathematical methods that are typically used in science, engineering, business, and industry. Thus, "applied mathematics" is a mathematical science with specialized knowledge...
in 1973. He completed his 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 from Harvard University in 1976. His doctorate thesis was A Theory of Cooperative Games.
From 1976 to 2001, Myerson was a professor of economics at Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
's Kellogg School of Management
Kellogg School of Management
The Kellogg School of Management is the business school of Northwestern University in Evanston, Illinois, downtown Chicago, Illinois and Miami, Florida. Kellogg offers full-time, part-time, and executive programs, as well as partnering programs with schools in China, India, Hong Kong, Israel,...
, where he conducted much of his Nobel-winning research. From 1978 to 1979, he was Visiting Researcher at Bielefeld University
Bielefeld University
Bielefeld University is a university in Bielefeld, Germany. Founded in 1969, it is one of the country's newer universities, and considers itself a "reform" university, following a different style of organization and teaching than the established universities...
. He was Visiting Professor of Economics at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
from 1985–86 and from 2000–01. He became Professor of Economics at Chicago in 2001. Currently, he is the Glen A. Lloyd Distinguished Service Professor of Economics at the University of Chicago.
Nobel Prize
Myerson was one of the three winners of the 2007 Nobel Memorial Prize in Economic SciencesNobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
, the other two being 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...
of the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
, and Eric Maskin
Eric Maskin
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...
of 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...
. He was awarded the prize for his contributions to mechanism design theory.
Myerson made a path-breaking contribution to mechanism design theory when he discovered a fundamental connection between the allocation to be implemented and the monetary transfers needed to induce informed agents to reveal their information truthfully. Mechanism design theory allows for people to distinguish situations in which markets work well from those in which they do not. The theory has helped economists identify efficient trading mechanisms, regulation schemes, and voting procedures. Today, the theory plays a central role in many areas of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and parts of political science
Political science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
.
Personal life
In 1980 Myerson married Gina Weber and the couple had two children, Daniel and Rebecca.Publications
Game theory and mechanism design- "Graphs and Cooperation in Games," Mathematics of Operations Research 2 (1977), 225–229.
- "Two-Person Bargaining Problems and Comparable Utility," EconometricaEconometricaEconometrica is a peer-reviewed academic journal of economics, publishing articles not only in econometrics but in many areas of economics. It is published by the Econometric Society and distributed by Wiley-Blackwell. Econometrica is one of the most highly ranked economics journals in the world...
45 (1977), 1631–1637. - "Refinements of the Nash EquilibriumNash equilibriumIn game theory, Nash equilibrium is a solution concept of a game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his own strategy unilaterally...
Concept," International Journal of Game TheoryGame theoryGame 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...
7 (1978), 73–80. - "Incentive Compatibility and the Bargaining Problem," Econometrica 47 (1979), 61–73.
- "Optimal Auction Design," Mathematics of Operations Research 6 (1981), 58–73.
- "Mechanism Design by an Informed Principal," Econometrica 51 (1983), 1767–1797.
- "Two-Person Bargaining Problems with Incomplete Information," Econometrica 52 (1984), 461–487.
- "Bayesian Equilibrium and Incentive Compatibility," in Social Goals and Social Organization, edited by L. Hurwicz, D. Schmeidler, and Hugo Sonnenschein, Cambridge University PressCambridge University PressCambridge University Press is the publishing business of the University of Cambridge. Granted letters patent by Henry VIII in 1534, it is the world's oldest publishing house, and the second largest university press in the world...
(1985), 229–259.
He wrote a general textbook on game theory in 1991, and has also written on the history of game theory, including his review of the origins and significance of noncooperative game theory. He also served on the editorial board of the International Journal of Game Theory for ten years.
Myerson has worked on economic analysis of political institutions and written several major survey papers:
- "Analysis of Democratic Institutions: Structure, Conduct, and Performance," Journal of Economic Perspectives 9:1 (1995), 77–89.
- "Economic Analysis of Political Institutions: An Introduction," Advances in Economic Theory and Econometrics: Theory and Applications, volume 1, edited by D. Kreps and K. Wallis (Cambridge University Press, 1997), pages 46–65.
- "Theoretical Comparisons of Electoral Systems," European Economic Review 43 (1999), 671–697.
His recent work on democratization has raised critical questions about American policy in occupied Iraq.