Entrepreneurship

Chairman, Market Design Inc. (with Lawrence Ausubel, R. Preston McAfee, Paul Milgrom, Alvin Roth, and Robert Wilson), a consulting firm that works with governments and companies in designing and implementing state-of-the-art auctions, 1995 to present (President since 1999, Chairman since 2003). Major projects:

  • Design auction market for rough diamonds.
  • Design auction and suggest market reforms for British Columbia timber market.
  • Design and implement auction to sell electricity capacity in France for Electricite de France and in Belgium for Electrabel.
  • Design and implement auction to sell gas capacity in Germany and France.
  • Design and implement U.K. auction to procure greenhouse gas emission reductions.
  • Design and implement spectrum auctions in U.S., Canada and Mexico.
  • Comment on design of spectrum auctions in Australia and U.S.
  • Design and implement electricity auctions in California and New England
  • Design auctions to divest electricity generation plants and power purchase agreements in U.S. and Canada.

Founder and Chairman, Cramton Associates LLC, a consulting firm that since 1993 has provided expert advice on auctions and market design to clients worldwide in many industries. For the last seventeen years I have advised governments in the design and implementation of simple and effective auction markets. I also have advised bidders participating in high-stake auction markets in many countries and in many industries.

Senior Advisor, Power Auctions LLC, a provider of software, technology, consulting services and associated intellectual property for advanced auction applications. For the last nine years, under the leadership of Lawrence Ausubel, the Power Auctions team has built up an unparalleled track record in the design and implementation of high-stakes clock auctions for many different organizations throughout the world.

Chairman and Founder, Spectrum Exchange (with Lawrence Ausubel, Paul Milgrom, and Market Design Inc.), a firm to create value for the public by promoting the efficient exchange of spectrum. 1999 to 2009. Although Spectrum Exchange was unsuccessful in organizing the exchange of TV broadcast spectrum at the turn of the century, the idea is now a central part of the U.S. national broadband plan. The plan calls for  incentive auctions, which will address the key regulatory problems, especially holdup by individual broadcasters, that made success impossible ten years ago.

Founder, Criterion Auctions, a consulting firm that provides auction support services to governments and companies in high-stake auctions. December 2000 to June 2007. Criterion Auctions has now merged with Navigant Economics.