# Eric Maskin

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**Eric Stark Maskin** (born December 12, 1950) is an American economist and mathematician. He was jointly awarded the 2007 [Nobel Memorial Prize in Economic Sciences](/source/Nobel_Memorial_Prize_in_Economic_Sciences) with [Leonid Hurwicz](/source/Leonid_Hurwicz) and [Roger Myerson](/source/Roger_Myerson) "for having laid the foundations of [mechanism design](/source/Mechanism_design) theory".[1] He is the [Adams University Professor](/source/Harvard_University_Professor) and Professor of Economics and Mathematics at [Harvard University](/source/Harvard_University).

Until 2011, he was the [Albert O. Hirschman](/source/Albert_O._Hirschman) Professor of Social Science at the [Institute for Advanced Study](/source/Institute_for_Advanced_Study), and a visiting lecturer with the rank of professor at [Princeton University](/source/Princeton_University).[2]

## Early life and education

Maskin was born in [New York City](/source/New_York_City) on December 12, 1950, into a Jewish family, and spent his youth in [Alpine](/source/Alpine,_New_Jersey), New Jersey. He graduated from [Tenafly High School](/source/Tenafly_High_School) in [Tenafly](/source/Tenafly,_New_Jersey), New Jersey, in 1968.[3] In 1972, he graduated with [A.B.](/source/Bachelor_of_Arts) in mathematics from [Harvard College](/source/Harvard_College). In 1974, he earned [A.M.](/source/Master_of_Arts) in applied mathematics and in 1976 earned a [Ph.D.](/source/Doctor_of_Philosophy) in applied mathematics, both at [Harvard University](/source/Harvard_University). In 1975–76, he was a visiting student at [Darwin College](/source/Darwin_College,_Cambridge), Cambridge University.

## Career and topics

In 1976, after earning his doctorate, Maskin became a research fellow at [Jesus College](/source/Jesus_College,_Cambridge), Cambridge University. In the following year, he joined the faculty at [Massachusetts Institute of Technology](/source/Massachusetts_Institute_of_Technology). In 1985 he returned to Harvard as the Louis Berkman Professor of Economics, where he remained until 2000. In 1987, he was a visiting fellow at [St John's College, Cambridge](/source/St_John's_College,_Cambridge). During the 1990s he advised the [Bank of Italy](/source/Bank_of_Italy) on the operation of its [bond](/source/Bond_(finance)) auctions.[4] In 2000, he moved to the [Institute for Advanced Study](/source/Institute_for_Advanced_Study) in [Princeton](/source/Princeton,_New_Jersey), New Jersey. In addition to his position at the Princeton Institute, Maskin is the director of the Jerusalem Summer School in Economic Theory at [The Institute for Advanced Studies at The Hebrew University of Jerusalem](/source/The_Institute_for_Advanced_Studies_at_The_Hebrew_University_of_Jerusalem).[5] In 2010, he was conferred an honorary doctoral degree in economics from The [University of Cambodia](/source/University_of_Cambodia).[6] In 2011, Maskin returned to [Harvard](/source/Harvard_University) as the Adams University Professor and professor of economics and mathematics.[7]

Maskin has worked in diverse areas of [economic theory](/source/Economic_theory), such as [game theory](/source/Game_theory), the economics of incentives, and contract theory. He is particularly known for his papers on [mechanism design](/source/Mechanism_design)/[implementation theory](/source/Implementation_theory) and [dynamic games](/source/Dynamic_game). With [Jean Tirole](/source/Jean_Tirole), he advanced the concept of [Markov perfect equilibrium](/source/Markov_perfect_equilibrium). His research projects include comparing different electoral rules, examining the causes of inequality, and studying coalition formation.

Maskin is a Fellow of the *[American Academy of Arts and Sciences](/source/American_Academy_of_Arts_and_Sciences)*,[8] *[Econometric Society](/source/Econometric_Society)*,[9] and the *[European Economic Association](/source/European_Economic_Association)*,[10] and a Corresponding Fellow of the *[British Academy](/source/British_Academy)*.[11] He was president of the *Econometric Society* in 2003.[12]

In 2014, Maskin was appointed as a visiting professor at [Covenant University](/source/Covenant_University), Nigeria.[13]

In September 2017, Maskin received the title of [HEC Paris](/source/HEC_Paris) [Honoris Causa Professor](/source/Honorary_degree).[14][15] He also served on the Social Sciences jury for the [Infosys Prize](/source/Infosys_Prize) in 2018.

Furthermore, he is the chairman of the advisory board of the [International Economics Olympiad](/source/International_Economics_Olympiad).[16]

## Political views

Along with [Ned Foley](/source/Ned_Foley), Maskin has proposed the use of [Baldwin's voting method](/source/Nanson's_method#Baldwin_method), under the name "Total Vote Runoff", as a way to fix problems with the [instant-runoff method](/source/Instant-runoff_voting) ("Ranked Choice Voting") in U.S. jurisdictions that use it, ensuring majority support of the winner and electing more broadly-acceptable candidates.[17][18][19][20]

In June 2024, 16 [Nobel Prize in Economics](/source/Nobel_Memorial_Prize_in_Economic_Sciences) laureates, including Maskin, signed an open letter arguing that [Donald Trump](/source/Donald_Trump)’s fiscal and trade policies coupled with efforts to limit the [Federal Reserve](/source/Federal_Reserve)'s independence would reignite inflation in the United States.[21][22][23]

## Software patents

Maskin suggested that [software patents](/source/Software_patent_debate) inhibit [innovation](/source/Innovation) rather than stimulate progress. Software, semiconductor, and computer industries have been innovative despite historically weak patent protection, he argued. Innovation in those industries has been sequential and complementary, so competition can increase firms' future profits. In such a dynamic industry, "patent protection may reduce overall innovation and social welfare". A natural experiment occurred in the 1980s when patent protection was extended to software", wrote Maskin with co-author [James Bessen](/source/James_Bessen). "Standard arguments would predict that R&D intensity and productivity should have increased among patenting firms. Consistent with our model, however, these increases did not occur". Other evidence supporting this model includes a distinctive pattern of [cross-licensing](/source/Cross-licensing) and a positive relationship between rates of innovation and firm entry.[24]

## See also

- [List of economists](/source/List_of_economists)
- [Mechanism design](/source/Mechanism_design)
- [List of Jewish Nobel laureates](/source/List_of_Jewish_Nobel_laureates)

## References

1. ["The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007"](http://nobelprize.org/nobel_prizes/economics/laureates/2007/press.html). [Nobel Foundation](/source/Nobel_Foundation). October 15, 2007. Retrieved 2008-08-15.

1. [Economics professor wins Nobel – The Daily Princetonian](http://www.dailyprincetonian.com/archives/2007/10/16/news/19009.shtml) [Archived](https://web.archive.org/web/20071017151649/http://www.dailyprincetonian.com/archives/2007/10/16/news/19009.shtml) October 17, 2007 at the Wayback Machine

1. [Minutes of Library Board Meeting](http://www.tenaflynj.org/filestorage/68/470/10-October_15.pdf) [Archived](https://web.archive.org/web/20080626040032/http://www.tenaflynj.org/filestorage/68/470/10-October_15.pdf) 2008-06-26 at the Wayback Machine, Tenafly Public Library, dated October 15, 2007. Accessed January 22, 2008.

1. BCC International, [Eric Maskin: Premio Nobel de Economía 2007](https://grupobcc.com/wp/wp-content/uploads/2015/05/ERIC-MASKIN-ENGLISH-VERSION-2.pdf), accessed on 12 July 2024

1. ["The 23rd Jerusalem School in Economic Theory - Intertemporal Public Economics | the Institute for Advanced Studies"](http://www.as.huji.ac.il/schools/econ23)

1. ["Welcome to The University of Cambodia (UC)"](http://uc.edu.kh/ucb/List%20of%20Honorary%20Doctorates%20(2004%20-%202014)/2015-07-22%2006:45:24/1889/). *uc.edu.kh*. Retrieved 2018-05-07.

1. Gautam S. Kumar and Julia L. Ryan, [Economics Nobel Laureate Eric Maskin Returning to Harvard](http://www.thecrimson.com/article/2011/10/25/Maskin-Economics-Princeton), *Harvard Crimson*, Oct 25 2011

1. ["Eric Stark Maskin"](https://www.amacad.org/person/eric-stark-maskin). *American Academy of Arts & Sciences*. Retrieved 2021-03-24.

1. ["Fellows | The Econometric Society"](https://www.econometricsociety.org/society/organization-and-governance/fellows). *www.econometricsociety.org*. Retrieved 2021-03-24.

1. ["Fellows | EEA"](https://www.eeassoc.org/fellows). *www.eeassoc.org*. Retrieved 2021-03-24.

1. ["Professor Eric Maskin FBA"](https://www.thebritishacademy.ac.uk/fellows/eric-maskin-FBA/). *The British Academy*. Retrieved 2021-03-24.

1. ["Past Presidents | The Econometric Society"](https://www.econometricsociety.org/society/organization-and-governance/executive-committee-2021/past-presidents). *www.econometricsociety.org*. Retrieved 2021-03-24.

1. Alabi, Mojeed (16 July 2014). ["Nobel laureate joins Covenant varsity"](https://web.archive.org/web/20140811055122/http://newtelegraphonline.com/nobel-laureate-joins-covenant-varsity). *[New Telegraph](/source/New_Telegraph)*. Archived from [the original](http://newtelegraphonline.com/nobel-laureate-joins-covenant-varsity/) on 11 August 2014.

1. Paris, HEC. ["Nobel Prize Eric MASKIN Conference on "Improving French and American presidential elections""](http://www.hec.edu/Knowledge/Events/Nobel-Prize-Eric-MASKIN-Conference-on-Improving-French-and-American-presidential-elections). *HEC Paris*. Retrieved 2018-04-02.

1. ["HEC PARIS HONORIS CAUSA PROFESSOR 2017 REWARDS LIFELONG WORK OF NOBEL LAUREATE ERIC MASKIN"](https://www.hec.edu/en/news-room/hec-paris-honoris-causa-professor-2017-rewards-lifelong-work-nobel-laureate-eric-maskin). *HEC Paris*. Oct 12, 2017. Retrieved 10 November 2019.

1. ["Governing bodies"](https://ecolymp.org/committees). *International Economics Olympiad*

1. Foley, Edward B. & Maskin, Eric S. (November 1, 2022). ["Alaska's ranked-choice voting is flawed. But there's an easy fix."](https://www.washingtonpost.com/opinions/2022/11/01/alaska-final-four-primary-begich-palin-peltola/). *Washington Post*. [ISSN 0190-8286](https://www.worldcat.org/issn/0190-8286). Retrieved 2022-11-09. the way Alaska uses ranked-choice voting also caused the defeat of Begich, whom most Alaska voters preferred to Democrat Mary Peltola … A candidate popular only with the party’s base would be eliminated early in a Total Vote Runoff, leaving a more broadly popular Republican to compete against a Democrat.

1. Foley, Ned (November 1, 2022). [""Total Vote Runoff" tweak to Ranked Choice Voting"](https://electionlawblog.org/?p=132792). *Election Law Blog*. Retrieved 2022-11-09. a small but significant adjustment to the “instant runoff” method

1. Foley, Ned (November 8, 2022). ["An Additional Detail about "Total Vote Runoff""](https://electionlawblog.org/?p=132963). *Election Law Blog*. Retrieved 2022-11-09.

1. Foley, Ned (10 November 2022). [""Total Vote Runoff" & Baldwin's method"](https://electionlawblog.org/?p=133027). *Election Law Blog*. Retrieved 2022-11-20.

1. Nichols, Hans (June 25, 2024). ["Scoop: 16 Nobel economists see a Trump inflation bomb"](https://www.axios.com/2024/06/25/nobel-prize-winners-biden-economy-trump-inflation). *Axios*. Cox Enterprises. Retrieved June 26, 2024.

1. Picciotto, Rebecca (June 25, 2024). ["Sixteen Nobel Prize-winning economists warn a second Trump term would 'reignite' inflation"](https://www.cnbc.com/2024/06/25/nobel-prize-economists-warn-trump-inflation.html). CNBC. [Archived](https://web.archive.org/web/20240626002547/https://www.cnbc.com/2024/06/25/nobel-prize-economists-warn-trump-inflation.html) June 26, 2024 at the Wayback Machine. Retrieved June 26, 2024.

1. Picchi, Aimee (June 25, 2024). ["16 Nobel Prize-winning economists warn that Trump's economic plans could reignite inflation"](https://www.cbsnews.com/news/trump-economy-nobel-prize-winners-letter-inflation-warning/). *www.cbsnews.com*. [Archived](https://web.archive.org/web/20240709175720/https://www.cbsnews.com/news/trump-economy-nobel-prize-winners-letter-inflation-warning/) July 9, 2024 at the Wayback Machine. Retrieved July 12, 2024. Trump's policies could prove to be inflationary, other economists also warned, such as his proposal to create a 10% across-the-board tariff on all imports to deporting immigrants. The tariff plan would add $1,700 in annual costs for the typical U.S. household, essentially acting as an inflationary tax, according to experts at the Peterson Institute for International Economics.

1. Bessen, J. & Maskin, E. (2009). ["Sequential innovation, patents, and imitation"](http://publications.ut-capitole.fr/16447/1/bessen.pdf). *The RAND Journal of Economics*. **40** (4): 611. [doi:10.1111/j.1756-2171.2009.00081.x](https://doi.org/10.1111/j.1756-2171.2009.00081.x). [hdl:1721.1/64176](https://hdl.handle.net/1721.1/64176)

## External links

- including the Nobel prize Lecture *Mechanism Design: How to Implement Social Goals*
- [Profile in The Daily Princetonian](https://web.archive.org/web/20071017151649/http://dailyprincetonian.com/archives/2007/10/16/news/19009.shtml)
- Videos of Eric Maskin - Maskin, Eric (8 December 2007). [*Nobel Prize Lecture*](http://www.nobelprize.org/mediaplayer/index.php?id=789). [Aula Magna](/source/Aula_Magna_(Stockholm_University)), Stockholm University: Nobel Media AB. - Maskin, Eric (January 2008). [*Mechanism Design: How to Implement Social Goals*](https://www.youtube.com/watch?v=AtRmnTeIPio). [University of California, Irvine School of Social Sciences](/source/University_of_California,_Irvine_School_of_Social_Sciences). [Archived](https://ghostarchive.org/varchive/youtube/20211221/AtRmnTeIPio) 2021-12-21 at the Wayback Machine. - Maskin, Eric (23 December 2013). [*Mechanism Design*](https://www.youtube.com/watch?v=Y645BrYSi74). Serious Science. [Archived](https://ghostarchive.org/varchive/youtube/20211221/Y645BrYSi74) 2021-12-21 at the Wayback Machine. - Maskin, Eric (1 June 2014). [*An Introduction to Mechanism Design*](https://www.youtube.com/watch?v=XSVoeETsEcU). [Archived](https://ghostarchive.org/varchive/youtube/20211221/XSVoeETsEcU) 2021-12-21 at the Wayback Machine. Maskin giving a keynote address on 'How to Make the Right Decisions without knowing People's Preferences' - Maskin, Eric (24 June 2015). [*Introduction to Repeated Games*](https://www.youtube.com/watch?v=RBZGBk3N2Ok). [Archived](https://ghostarchive.org/varchive/youtube/20211221/RBZGBk3N2Ok) 2021-12-21 at the Wayback Machine.

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