Professor
Philip J. Reny
University of Chicago
Economist; Educator
Area
Social and Behavioral Sciences
Specialty
Economics
Elected
2015
He solved the problem of characterizing consistent beliefs in sequential equilibria of finite extensive games, and he leads the way in formulating conditions for sequential equilibrium in infinite games. His contributions to game theory include stronger tools for showing equilibrium existence in discontinuous games, and for analyzing rational behavior in complex auctions. His contributions to auction theory include the design of efficient auctions, and an analysis of double auctions that establishes an efficient markets hypothesis and provides a strategic foundation for rational expectations equilibrium. His Advanced Microeconomic Theory (2011 3rd ed) textbook has become a standard for a new generation.
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