The Art and Practice of Economics Research
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The Art and Practice of Economics Research

Lessons from Leading Minds

Simon W. Bowmaker

The Art and Practice of Economics Research provides an in-depth look into the research methods of leading economists from across the United States and Europe. This innovative volume contains 25 interviews with practicing economists, presenting insightful personal accounts into an often-misunderstood field.
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Chapter: Paul Milgrom (Stanford University)

Simon W. Bowmaker


Paul Milgrom was born in Detroit, Michigan in 1948 and graduated with an AB in mathematics from the University of Michigan in 1970 before obtaining both an MS in statistics and a PhD in business from Stanford University in 1978 and 1979 respectively. He has taught at Northwestern University, 1979–1983, Yale University, where he served as the Williams Brothers Professor of Management Studies and Professor of Economics between 1985 and 1987, and Stanford University, where he currently serves as the Shirley R. and Leonard W. Ely, Jr Professor of Humanities and Professor of Economics. Professor Milgrom is best known for his contributions to microeconomic theory and his pioneering innovations in the practical design of multi-item auctions. His most-cited articles in chronological order include ‘A Theory of Auctions and Competitive Bidding’, Econometrica (1982), co-authored with Robert Weber, ‘Rational Cooperation in the Finitely Repeated Prisoners’ Dilemma’, Journal of Economic Theory (1982), co-authored with David Kreps, John Roberts, and Robert Wilson, ‘Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders’, Journal of Financial Economics (1985), co-authored with Lawrence Glosten, ‘The Economics of Modern Manufacturing: Technology, Strategy, and 319 Columns Design XML Ltd / Job: Bowmaker-Art_and_Practice_Economics_Research / Division: 17Milgrom /Pg. Position: 1 / Date: 9/7 JOBNAME: Bowmaker PAGE: 2 SESS: 4 OUTPUT: Thu Aug 23 16:50:48 2012 320 The art and practice of economics research Organization’, American Economic Review (1990), co-authored with John Roberts, and ‘Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership...

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