Peter Cramton is Professor of Economics at the University of Cologne and the University of Maryland. Since 1983, he has conducted research on auction theory and practice. This research appears in the leading economics journals. The main focus is the design of auctions for many related items. Applications include spectrum, energy, and financial auctions. On the practical side, he is Chairman of Market Design Inc., an economics consultancy founded in 1995, focusing on the design of auction and matching markets. Since 1993, he has advised 12 governments and 36 bidders in spectrum auctions. He is a co-inventor of the spectrum auction design used in Canada, Australia, and many European countries to auction 4G spectrum. Since 2001, he has played a lead role in the design and implementation of electricity and gas auctions in North America, South America, and Europe. He has advised on the design of carbon auctions in Europe, Australia, and the United Sates, including conducting the world’s first greenhouse-gas auction held in the UK in 2002. He has led the development of innovative auctions in new applications, such as auctions for airport slots, wind rights, diamonds, medical equipment, and Internet top-level domains. He received his B.S. in Engineering from Cornell University in 1980 and his Ph.D. in Business from Stanford University in 1984.
This web site includes a collection of papers by Peter Cramton and his co-authors. The main topics are auctions, market design, and bargaining, including both theoretical and empirical studies. Highlights displays a few of my most widely cited papers. The auction and market design papers are primarily concerned with auction design, especially in spectrum markets, electricity markets, financial markets, and health care. The bargaining papers focus on the role of time and information in bargaining. Applications include union contract negotiations. There are also several papers on climate policy (see carbon-price.com) and other topics. All papers are available in pdf format. Published papers are copyrighted by the publisher. Users may make a single copy of published papers for educational purposes.
The site also includes a market design blog, featuring news and discussions on market design topics.
Also included are all my expert reports, affidavits, and testimony.
Finally, the materials for each of my courses are included.