Paul Milgrom Awarded the 2017 CME Group-MSRI Prize in Innovative Quantitative Applications

Douglas Diamond

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      

Paul Milgrom 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, the 2012 BBVA Frontiers of Knowledge award and the 2017 CME-MSRI prize in Innovative Quantitative Applications.

Milgrom is best known for his contributions to the microeconomic theory, his pioneering innovations in the practical design of multi-item auctions, and the extraordinary successes of his students and academic advisees. According to his BBVA Award citation, “Paul Milgrom has made seminal contributions to an unusually wide range of fields of economics including auctions, market design, contracts and incentives, industrial economics, economics of organizations, finance, and game theory.” According to a count by Google Scholar, Milgrom’s books and articles have received more than 80,000 citations.

About the CME Group-MSRI Prize in Innovative Quantitative Applications

The CME Group-MSRI Prize in Innovative Quantitative Applications was founded in 2006 by CME Group’s Chairman Emeritus, Leo Melamed. CME Group, in partnership the esteemed Mathematical Sciences Research Institute, awards this prize annually to a recipient with exemplary work in the field of mathematical sciences and who recognizes the vital impact quantitative research and application play in shaping global financial markets. It recognizes an individual or group who has contributed and applied original and significant ideas and concepts to quantitative fields such as mathematics, statistics and computing for the study of market’s behavior and global economics.

The 2017 CME Group-MSRI Prize will be presented to Paul Milgrom at the annual award luncheon in Chicago on February 12, 2018.

Read the OpenMarkets series on CME Group-MSRI Prize winners.

Read Paul’s latest book, Discovering Prices, available for purchase here.

About the Mathematical Sciences Research Institute

The Mathematical Sciences Research Institute (MSRI) is one of the world’s preeminent centers for collaborative research in mathematics. Since 1982, MSRI’s topic-focused programs have brought together emerging and leading minds in mathematics, in an environment that promotes creativity and the interchange of ideas. Over 1,700 mathematical scientists spend time at MSRI’s Berkeley, California-based headquarters each year. MSRI is known around the world for the quality and reach of its programs and its leadership in basic research, mathematics education, and programs for the public understanding of mathematics.

Past Winners

* Past CME Group-MSRI Prize winners have included distinguished luminaries in economics and mathematics. Five out of 10 of these past recipients have gone on to receive the Nobel Prize in Economic Sciences.

2016 | Robert Wilson
Adams Distinguished Professor of Management, Emeritus, Stanford Graduate School of Business, 2016 CME Group-MSRI Prize in Innovative Quantitative Applications Recipient

2015 | Douglas Diamond
Fischer Black Visiting Professor of Financial Economics, MIT Sloan School of Management, 2015-2016 and Merton H. Miller Distinguished Service Professor of Finance, University of Chicago

2014 | José A. Scheinkman
Charles and Lynn Zhang Professor of Economics at Columbia University and Theodore A. Wells ‘29 Professor of Economics Emeritus at Princeton University

2013 Bengt Holmstrom
Nobel Laureate in Economic Sciences (2016), Paul A. Samuelson Professor of Economics, Massachusetts Institute of Technology

2012 | Robert J. Shiller
Nobel Laureate in Economic Sciences (2013), Sterling Professor of Economics,Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management

2011 | Thomas J. Sargent
Nobel Laureate in Economic Sciences (2011), William R. Berkley Professor of Economics and Business, Stern School of Business, New York University, and Senior Fellow at the Hoover Institution

2010 | Jean Tirole
Nobel Laureate in Economic Sciences (2014), Scientific Director of the Industrial Economics Institute at the University of Toulouse Capitole, Member of the Toulouse School of Economics

2009 | Sanford J. Grossman
Chairman and CEO, Quantitative Financial Strategies, Inc.

2008 | Lars Peter Hansen
Nobel Laureate in Economic Sciences (2013) and David Rockefeller Distinguished Service Professor in Economics and Statistics, University of Chicago

2007 | David M. Kreps
Adams Distinguished Professor of Management, Stanford University Graduate School of Business

2006 | Stephen A. Ross
Franco Modigliani Professor of Financial Economics, MIT Sloan School of Management

About the CME Group Center of Innovation

Throughout history, CME Group has continually embraced change and fostered an entrepreneurial spirit that has enabled the futures industry to grow and prosper. To a greater extent, the power of innovation has proven its ability to transform business, influence the direction of civilization and alter its reality for the better. CME Group’s Center for Innovation (CFI) creates and sponsors thought-provoking original programming that identifies, showcases and fosters examples of significant innovation and creative thinking across multiple industries in both the public and private sectors. Each program explores and communicates the principles behind innovation, and more importantly, showcases their application to a broad and diverse audience.

The CME Group-MSRI Prize in Innovative Quantitative Applications a signature program of the CFI. Read more about CFI here.