Peter Cramton

Professor of Economics at University of Cologne

Peter Cramton is Professor of Economics at the University of Cologne and the University of Maryland (Emeritus since 2018). Since 1983, he has conducted research on auction theory and practice. This research appears in leading economics journals. The focus is the design of auction-based markets. Applications include communications, electricity, and financial markets. On the practical side, he is an independent director on the board of the Electric Reliability Council of Texas and an advisor and chief economist to several companies. Since 1993, he has advised 14 governments and 42 bidders in spectrum auctions. He is a co-inventor of the spectrum auction design used in Canada, Australia, and many European countries to auction 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.