Roger Myerson | |
|---|---|
 Myerson in 2008 | |
| Born | (1951-03-29)March 29, 1951 (age 74) Boston,Massachusetts, US |
| Academic background | |
| Alma mater | Harvard University(AB,SM,PhD) |
| Doctoral advisor | Kenneth Arrow |
| Academic work | |
| Discipline | Game theory |
| Institutions | University of Chicago Northwestern University |
| Doctoral students | Scott E. Page Leonard Wantchekon |
| Notable ideas | Mechanism design,Myerson–Satterthwaite theorem,Myerson value |
| Awards | Nobel Memorial Prize in Economic Sciences (2007) |
| Academic background | |
| Thesis | A theory of cooperative games (1976) |
| Website | |
Roger Bruce Myerson (born March 29, 1951) is an Americaneconomist and a Distinguished Service Professor at the University of Chicago'sHarris School of Public Policy.[1] In 2007, he was the winner of theNobel Memorial Prize in Economic Sciences withLeonid Hurwicz andEric Maskin for "having laid the foundations ofmechanism design theory".[2] He was elected a Member of theAmerican Philosophical Society in 2019.[3]
Roger Myerson was born in 1951 in Boston into aJewish[4] family. He attendedHarvard University, where he received hisA.B.,summa cum laude, andS.M. inapplied mathematics in 1973. He completed hisPh.D. in applied mathematics from Harvard University in 1976.[5] His doctorate thesis was entitledA Theory of Cooperative Games.[6]
From 1976 to 2001, Myerson was a professor of economics atNorthwestern University'sKellogg School of Management, where he conducted much of his Nobel-winning research.[7] From 1978 to 1979, he was visiting researcher atBielefeld University. He was visiting professor of economics at theUniversity of Chicago from 1985 to 1986 and from 2000 to 2001. He became professor of economics at Chicago in 2001. Currently, he is the inaugural David L. Pearson Distinguished Service Professor of Global Conflict Studies at the University of Chicago.[8]
Myerson was one of the three winners of the 2007Nobel Memorial Prize in Economic Sciences, the other two beingLeonid Hurwicz of theUniversity of Minnesota, andEric Maskin of theInstitute for Advanced Study. He was awarded the prize for his contributions tomechanism design theory.[9]
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 ofeconomics and parts ofpolitical science.[9]
Myerson is a member of theAmerican Academy of Arts and Sciences, theNational Academy of Sciences, theCouncil on Foreign Relations, and theAmerican Philosophical Society.[6] He is a Fellow of theGame Theory Society,[10] and serves as an advisory board member on theInternational Journal of Game Theory.[11] Myerson holds anhonorary doctorate from theUniversity of Basel in 2002[12] and received the Jean-Jacques Laffont Prize in 2009.[13] He also served on the Social Sciences jury for theInfosys Prize in 2016.
In 1980, Myerson married Regina (née Weber) and the couple had two children, Daniel and Rebecca.[14] His daughter, Rebecca, is ahealth economist at theUniversity of Wisconsin-Madison.[15]
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.[16] He also served on the editorial board of theInternational Journal of Game Theory for ten years.
Myerson has worked on economic analysis ofpolitical institutions and written several major survey papers:
His recent work ondemocratization has raised critical questions about American policy in occupied Iraq:
In June 2024, 16Nobel Prize in Economics laureates, including Myerson, signed an open letter arguing thatDonald Trump's fiscal and trade policies coupled with efforts to limit theFederal Reserve's independence would reignite inflation in the United States.[17][18][19]
, accessed 11 October 2020Trump's policies could prove to be inflationary, other economists also warned, such as his proposal to create a 10% across-the-board tariff on all imports to deporting immigrants. The tariff plan would add $1,700 in annual costs for the typical U.S. household, essentially acting as an inflationary tax, according to experts at the Peterson Institute for International Economics.
including the Nobel LecturePerspectives on Mechanism Design in Economic Theory| Awards | ||
|---|---|---|
| Preceded by | Laureate of the Nobel Memorial Prize in Economics 2007 Served alongside:Leonid Hurwicz,Eric S. Maskin | Succeeded by |
