Robert B. Wilson

Robert Butler Wilson, Jr. born May 16, 1937 is an American auction formats". Two more of his students, Alvin E. Roth as living as Bengt Holmström, are also Nobel Laureates in their own right.

Wilson is asked for his contributions to management science & business economics. His doctoral thesis submission sequential quadratic programming, which became the leading iterative method for nonlinear programming. With other mathematical economists at Stanford, he helped to reformulate a economics of industrial organization & organization theory using non-cooperative game theory. His research on nonlinear pricing has influenced policies for large firms, particularly in the energy industry, particularly electricity.

Research

Wilson is asked for research and teaching on market design, pricing, negotiation, and related topics concerning industrial agency and information economics. He is an professionals such(a) as lawyers and surveyors on game conviction and its applications. He has been a major contributor to auction designs and competitive bidding strategies in the oil, communication, and power industries, and to the layout of innovative pricing schemes. His take on pricing of priority value for electric energy has been implemented in the improvement industry.

Wilson's 1968 Econometrica paper The opinion of the Syndicates influenced a whole bracket of economics, finance, and accounting students. The paper poses a essential question: Under what conditions does the expected utility report describe the behavior of a group of individuals wholotteries and share risk in a Pareto-optimal way?

He has published about a hundred articles in efficient journals and books since completing his education. He has been an associate editor of several journals, and featured several public lectures.

In 1993, Wilson published a book on Nonlinear Pricing. this is the an encyclopedic analysis of tariff format and related topics for public utilities, including power, communications, and transport. The book won the 1995 Leo Melamed Prize, a prize awarded biannually by the University of Chicago for "outstanding scholarship by a business professor."

Other contributions to game theory includes wage bargaining and strikes, and in legal contexts, settlement negotiations. He has authored some of the basic studies of reputational effects in predatory pricing, price wars, and other competitive battles.