Roger B. Myerson

AAA

DEFINITION of 'Roger B. Myerson'

An American economist and winner of the 2007 Nobel Prize in Economics, along with Leonid Hurwicz and Eric Maskin. Myerson's award-winning research deals with mechanism design theory. Born in Boston in 1951, he earned a PhD in applied math from Harvard. He was a professor of economics at Northwestern University's Kellogg School of Management for 25 years and then became a professor of economics at the University of Chicago.

INVESTOPEDIA EXPLAINS 'Roger B. Myerson'

Myerson's revenue equivalence theorem, now widely used in auction design, was his major contribution to mechanism design theory. Mechanism design theory explains how institutions can achieve social or economic goals given the constraints of individuals' self-interest and incomplete information.



RELATED TERMS
  1. Economist

    An expert who studies the relationship between a society's resources ...
  2. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
  3. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  4. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
  5. Auction

    A system where potential buyers place competitive bids on assets ...
  6. Rothschild

    A prominent family of German bankers that established banking ...
Related Articles
  1. Economic Indicators That Do-It-Yourself ...
    Investing Basics

    Economic Indicators That Do-It-Yourself ...

  2. The Uncertainty Of Economics: Exploring ...
    Economics

    The Uncertainty Of Economics: Exploring ...

  3. The History Of Economic Thought
    Economics

    The History Of Economic Thought

  4. The History Of Capitalism: From Feudalism ...
    Personal Finance

    The History Of Capitalism: From Feudalism ...

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center