Eric Maskin

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Lore & Background

Eric Maskin was born in New York City on December 12, 1950, into a Jewish family, and spent his youth in Alpine, New Jersey. He graduated from Tenafly High School in Tenafly, New Jersey, in 1968. In 1972, he graduated with an A.B. in mathematics from Harvard College. In 1974, he earned an A.M. in applied mathematics and in 1976 earned a Ph.D. in applied mathematics, both at Harvard University. In 1975–76, he was a visiting student at Darwin College, Cambridge University. After earning his doctorate in 1976, Maskin became a research fellow at Jesus College, Cambridge University. 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. During the 1990s he advised the Bank of Italy on the operation of its bond auctions. In 2000, he moved to the Institute for Advanced Study in Princeton, 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. In 2010, he was conferred an honorary doctoral degree in economics from The University of Cambodia. In 2011, Maskin returned to Harvard as the Adams University Professor and professor of economics and mathematics. Maskin has worked in diverse areas of economic theory, such as game theory, the economics of incentives, and contract theory. He is particularly known for his papers on mechanism design/implementation theory and dynamic games. With Jean Tirole, he advanced the concept of 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, Econometric Society, and the European Economic Association, and a Corresponding Fellow of the British Academy. He was president of the Econometric Society in 2003. In 2014, Maskin was appointed as a visiting professor at Covenant University, Nigeria. In September 2017, Maskin received the title of HEC Paris Honoris Causa Professor. He also served on the Social Sciences jury for the Infosys Prize in 2018. Furthermore, he is the chairman of the advisory board of the International Economics Olympiad. In June 2026 he became the president of the International Economic Association succeeding Elhanan Helpman in the role.

Reader's Guide

Eric Maskin's significance rests on his foundational contributions to mechanism design theory, for which he shared the 2007 Nobel Memorial Prize with Leonid Hurwicz and Roger Myerson. This theory addresses how to design rules and institutions to achieve desired social outcomes even when participants have private information. His work on implementation theory and dynamic games, including the Markov perfect equilibrium concept developed with Jean Tirole, has influenced economics, political science, and contract theory. Maskin has also engaged in public policy: along with Ned Foley, he proposed the use of Baldwin's voting method, under the name "Total Vote Runoff," as a way to fix problems with instant-runoff voting in U.S. jurisdictions. In June 2024, he was one of 16 Nobel laureates in economics who signed an open letter arguing that Donald Trump’s fiscal and trade policies, coupled with efforts to limit the Federal Reserve's independence, would reignite inflation in the United States. His views on software patents, co-authored with James Bessen, argue that patent protection may reduce overall innovation and social welfare in sequential, complementary industries, citing a natural experiment in the 1980s when patent protection was extended to software. His career spans Harvard, MIT, the Institute for Advanced Study, and Cambridge, reflecting sustained influence across academia and policy.

Did You Know?

• Maskin was a visiting student at Darwin College, Cambridge University in 1975–76.
• During the 1990s he advised the Bank of Italy on the operation of its bond auctions.
• In 2010, he was conferred an honorary doctoral degree in economics from The University of Cambodia.
• In June 2026 he became the president of the International Economic Association, succeeding Elhanan Helpman.
• Maskin co-authored a paper with James Bessen arguing that software patents may reduce innovation and social welfare.