Paul Klemperer

Edgeworth Professor of Economics at University Of Oxford

Paul Klemperer is the Edgeworth Professor of Economics at Oxford University. His main interests are the economics of industry, the environment, and auctions. He co-invented the concept of "strategic complements"; developed the theory of consumer switching costs and the "supply function" analysis of electricity markets; and has showed how to apply intuitions and techniques from auction theory in a range of other economic contexts, from finance to political economy. He has also developed new auction designs including the Product-Mix Auction which is regularly used by the Bank of England; the Governor, Mervyn King, described it as "a marvellous application of theoretical economics to a practical problem of vital importance". He has advised numerous governments, including devising the UK government's "3G" mobile-phone license auction that raised £22.5 billion, and assisting the US Treasury in the recent financial crisis. He was a Member of the UK Competition Commission. He is a Foreign Honorary Member of the American Academy of Arts and Sciences, and of the Argentinian Economic Association; is a Fellow of the British Academy, of the Econometric Society, and of the European Economic Association; and is past or present Editor or Associate Editor of 12 economics journals. He has a BA in Engineering (1st Class Honours with Distinction) from Cambridge University, and an MBA (Top Student Award) and PhD from Stanford University.