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2017 CME Group - MSRI Prize February 12, 2018 (11:00 AM PST - 03:00 PM PST)
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2017 CME Group-MSRI Prize Announced

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The 12th annual CME Group-MSRI Prize in Innovative Quantitative Applications will be awarded to PAUL MILGROM, Shirley and Leonard Ely professor of Humanities and Sciences in the Department of Economics and professor, by courtesy, at both the Department of Management Science and Engineering and the Graduate School of Business at Stanford University, at a luncheon in Chicago on February 12, 2018.

The CME Group-MSRI Prize is awarded to an individual or a group to recognize originality and innovation in the use of mathematical, statistical or computational methods for the study of the behavior of markets, and more broadly of economics.

About Paul Milgrom

Paul Milgrom's primary research is directed to designing auctions for multiple unique but related items. Along with Robert Wilson, he introduced the initial design for sales of radio spectrum licenses in the United States. He has designed new auctions for Internet advertising and for procuring complex services. Research on incentives and complexity are combined to create auctions that are simple and straightforward for bidders, yet which dramatically improve resource allocation compared to traditional auction designs.

After earning his PhD at the GSB, Milgrom taught at Northwestern University and Yale before returning to Stanford. He has made well-known contributions to many areas of economics, including auctions, incentive theory, industrial economics, economic history, economics of manufacturing, economics of organizations, and game theory. His book coauthored with John Roberts, Economics, Organization and Management, opened a new area to economic research.

He is a member of the National Academy of Sciences and the American Academy of Arts and Sciences, and winner of the 2008 Nemmers Prize in Economics and the 2012 BBVA Frontiers of Knowledge award.

About the event

Prior to the lunch and award presentation, a panel discussion on Frontiers of Research in Market Design will be held with the following panelists:

  • Mohammad Akbarpour, Assistant Professor of Economics, Graduate School of Business, Stanford University
  • Piotr Dworczak, Assistant Professor, Department of Economics, University of Chicago
  • Shengwu Li, Junior Fellow of the Society of Fellows, Department of Economics, Harvard University
  • Ellen Muir, Research Fellow, School of Mathematics & Statistics, The University of Melbourne

Luncheon remarks, an appreciation of the life and work of Paul Milgrom:

  • Roger Myerson, Glen A. Lloyd Distinguished Service Professor of Economics at the University of Chicago

Paul Milgrom will present at talk on A Market Process to Reallocate Radio Spectrum.

2017 CME Group-MSRI Prize Selection Committee:

  • David Eisenbud (chair), Director, Mathematical Sciences Research Institute
  • Lars Peter Hansen, David Rockefeller Distinguished Service Professor in Economics, Statistics, Booth School of Business & the College, University of Chicago. 2008 CME-MSRI Prize. 2013 Nobel Prize Winner
  • Bengt Holmström, the Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology. 2013 recipient of the CME-MSRI Prize. 2016 Nobel Prize Winner.
  • R. Preston McAfee, Chief Economist & Corp VP, Microsoft
  • Leo Melamed, Chairman Emeritus, CME Group
  • Roger Myerson, Glen A. Lloyd Distinguished Service Professor of Economics, University of Chicago. 2007 Nobel Prize Winner
  • Maureen O'Hara, Robert W. Purcell Professorship of Management; and Professor of Finance, SC Johnson College of Business, Cornell University
  • Myron Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford Graduate School of Business
  • Hugo Sonnenschein, Charles L. Hutchinson Distinguished Service Professor Emeritus, University of Chicago
  • Jean Tirole, Chairman, Toulouse School of Economics (TSE). Chairman of the Executive Committee, Institute for Advanced Study in Toulouse (IAST). 2010 recipient of the CME-MSRI Prize

Medal awarded to the winner of the CME Group-MSRI Prize


The CME Center for Innovation’s mission is to identify, foster and showcase examples of significant innovation and creative thinking pertaining to markets, commerce or trade in the public and private sectors.

A list of past winners can be found on the CME Group-MSRI Prize site.
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