Economist
Stephen Edward Morris
is an
economic theorist
and
game theorist
especially known for his research in the field of
global games
. Since July 2019, he has been a professor of economics at the
Massachusetts Institute of Technology
. Prior to that he taught at
Princeton
,
Yale
, and the
University of Pennsylvania
. He was the editor of
Econometrica
for the period 2007?2011, and in 2019 served as president of the
Econometric Society
.
[1]
Biography
[
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]
Stephen Morris was born in 1963 in a small town called Weybridge in England. Morris's father was the senior UK diplomat
Sir Willie Morris
, who served as the UK's Ambassador to several countries. His mother was Ghislaine Morris.
[2]
Morris obtained a
B.A.
in
mathematics
and
economics
at
Cambridge University
in 1985. He worked as an economist for the government of Uganda for two years before choosing to continue his formal education at
Yale University
, and earned a
Ph.D.
in economics in 1991. He became an
assistant professor
at
University of Pennsylvania
in 1991 and an associate professor in 1996. In 1998 he moved to Yale as a full professor. In 2005 he became the
Irving Fisher
Professor of Economics at Yale. He moved to Princeton University in 2005, where he became the Alexander Stewart 1886 Professor of Economics in 2007. Since 2019, he is the Peter A. Diamond Professor in Economics of Economics at the
Massachusetts Institute of Technology
.
Morris is the founding editor of the
BEPress
Journals of Theoretical Economics and the editor of Econometrica for the period 2007?2011.
Morris is a Fellow of the
Econometric Society
since 2002 and was elected a member of the
American Academy of Arts and Sciences
in 2005. He held the
John Simon Guggenheim Fellowship
for 2005?2006 year and was the President of the Econometric Society in 2019.
[3]
In 2021, he was elected member of the U. S.
National Academy of Sciences
.
[4]
Research contribution
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]
Global coordination games belong to a subfield of
game theory
which gained momentum with the article by Morris and Shin (1998). Stephen Morris and
Hyun Song Shin
considered a stylized
currency crises
model, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result is in stark contrast with models of
complete information
, which feature multiple equilibria.
Morris has also made important contributions to the theory of
mechanism design
. In his work with Dirk Bergemann on robust mechanism design, they relaxed common knowledge assumptions which were prevalent in the early mechanism design literature. By formulating the mechanism design problem more precisely, they showed that simple mechanisms arise endogenously. This provided a theoretical justification for the relatively simple auction design employed in practice when compared to the complexity of optimal auctions suggested by the early literature.
[
citation needed
]
His two most recent contributions to the field of Economics are papers titled: 'Search, Information, and Prices'
[5]
and 'Information, Market Power and Price Volatility,'
[6]
published in the Journal of Political Economy and the RAND Journal of Economics respectively. Both of these papers were published in 2021.
References
[
edit
]
- ^
"Econometrics, The Society, and Cowles"
.
Cowles Foundation for Research in Economics, Yale University
. Retrieved
2022-02-21
.
- ^
"SIR WILLIE MORRIS, A DIPLOMAT"
.
The New York Times
. 1982-04-19.
ISSN
0362-4331
. Retrieved
2023-02-05
.
- ^
"Past Presidents"
. Econometric Society
. Retrieved
20 January
2021
.
- ^
"News from the National Academy of Sciences"
. April 26, 2021
. Retrieved
July 5,
2021
.
Newly elected members and their affiliations at the time of election are: … Morris, Stephen; Peter A. Diamond Professor in Economics, department of economics, Massachusetts Institute of Technology, Cambridge
, entry in member directory:
"Member Directory"
. National Academy of Sciences
. Retrieved
July 5,
2021
.
- ^
Bergemann, Dirk; Brooks, Benjamin; Morris, Stephen (May 26, 2021).
"Search, Information, and Prices"
.
Journal of Political Economy
.
129
(8): 2275?2319.
doi
:
10.1086/714443
.
S2CID
233686980
. Retrieved
8 December
2021
.
- ^
Bergemann, Dirk; Heumann, Tibor; Morris, Stephen (2021).
"Information, market power, and price volatility"
.
RAND Journal of Economics
.
52
(1): 125?150.
doi
:
10.1111/1756-2171.12364
.
hdl
:
1721.1/130507
.
S2CID
233830496
. Retrieved
8 December
2021
.
Sources
[
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]
- Stephen Morris and Hyun Song Shin (1998), "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks,"
American Economic Review
, 88 (3): 587?97.
- Dirk Bergemann and Stephen Morris (2005), "Robust Mechanism Design,"
Econometrica
, 73 (6): 1771?1813
- MIT Economics (2021), "People: Stephen Morris"
External links
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