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CME Group, the world's leading and most diverse derivatives marketplace, and the Mathematical Sciences Research Institute (MSRI) announced Paul Milgrom, Shirley and Leonard Ely Professor of Humanities and Sciences in the Department of Economics at Stanford University, as the 2017 recipient of the CME Group-MSRI Prize in Innovative Quantitative Applications. A ceremony honoring Milgrom will take place at CME Group headquarters on Monday, Feb. 12, at 9:30 a.m. CT and will feature a dynamic discussion on the topic of leading research on financial market design.
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. A complete list of past recipients is available at cmegroup.com.
The CME Group-MSRI Prize recognizes individuals who contribute original concepts in mathematical, statistical or computational methods for the study of the markets' behavior and global economics. Milgrom has done extensive research on this year's panel topic. He is best known for his contributions to microeconomic theory, his pioneering innovations in the practical design of multi-item auctions, and the extraordinary successes of his students and academic advisees.
"I am honored to be able to accept this prize for myself and to honor my collaborators, who have helped me both to conduct my most important research and to bring my ideas to practice," said Milgrom. "Bob Wilson, who won this prize last year, was my teacher who guided my first research efforts and collaborated with me on my first real-world auction design. Another past winner, Dave Kreps, was also an early collaborator, as was Nobel laureate Bengt Holmstrom. It is hard to go wrong with collaborators like those! Or like Evan Kwerel, Ilya Segal, Kevin Leyton-Brown, John Roberts, Robert Weber, Larry Glosten and Nancy Stokey, all of whom played crucial roles in bringing our work to fruition."
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 and the 2012 BBVA Frontiers of Knowledge award.
"Professor Paul Milgrom's groundbreaking work in game theory, auction theory and market design is invaluable to the financial industry and to the field of economics," said Leo Melamed, Chairman Emeritus of CME Group and founder of the CME Group-MSRI Prize in Innovative Quantitative Applications. "We applaud his selection for this prestigious award."
"Thirty years ago, abstract topological concepts were important in establishing the existence of equilibria - but today, deep mathematical tools from finite mathematics such as matching theory, discrete optimization and matroids are being applied to concrete problems from kidney exchanges to auction design," said David Eisenbud, Director of MSRI and Professor of Mathematics at the University of California, Berkeley. "No one embodies the utility and success of these methods better than Paul Milgrom."
The panel discussion, which will focus on topics related to research on financial market design, will precede the award ceremony. Several distinguished economists and academics will be participating in the panel, including:
- Preston McAfee, Moderator, Chief Economist, Microsoft Corporation
- 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
Members of the media can attend the award ceremony where CME Group will present Milgrom with the CME Group-MSRI Prize medal and $50,000 cash award. Email Liz Mannebach at liz.mannebach@cmegroup.com to register.
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. For more information on the CME Center for Innovation, visit http://www.cmegroup.com/company/center-for-innovation/.
