Peter Cramton is Professor of Economics at the University of Maryland and European University Institute, and on the International Faculty at the University of Cologne. Since 1983, he has conducted research on auction theory and practice. This research appears in the leading economics journals. The main focus is the design of auctions for many related items. Applications include spectrum, energy, and financial auctions. On the practical side, he is an independent director on the board of the Electric Reliability Council of Texas, chief economist of Rivada, and chairman of Market Design Inc., an economics consultancy founded in 1995, focusing on the design of auction and matching markets. Since 1993, he has advised 12 governments and 36 bidders in spectrum auctions. He is a co-inventor of the spectrum auction design used in Canada, Australia, and many European countries to auction 4G 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.
- Market Design
- Auction Theory and Practice
- Game Theory
- Behavioral and Experimental Economics
- Ph.D. Business, Stanford University
- BS Engineering, Cornell University
- Global Carbon Pricing—We will if you will , Peter Cramton, David MacKay, Axel Ockenfels and Steven Stoft , In review , January 2016.
- The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response , Peter Cramton, Eric Budish and John Shim , Quarterly Journal of Economics 130(4) , 1547-1621 , November 2015.
- Price Carbon—I will if you will , Peter Cramton, David MacKay, Axel Ockenfels and Steven Stoft , Nature 526(7573) , 315-316 , October 2015.
- An International Carbon-Price Commitment Promotes Cooperation , Peter Cramton, Axel Ockenfels and Steven Stoft , Economics of Energy & Environmental Policy, 4:2, 51-64 4(2) , 51-64 , September 2015.
- Symposium on International Climate Negotiations , Peter Cramton, Axel Ockenfels and Steven Stoft , Economics of Energy & Environmental Policy 4(2) , 1-64 , September 2015.
- Designed to Fail: The Medicare Auction for Durable Medical Equipment , Peter Cramton, Sean Ellermeyer and Brett E. Katzman , Economic Inquiry 53(1) , 469-485 , January 2015.
- Demand Reduction and Inefficiency in Multi-Unit Auctions , Lawrence M. Ausubel, Peter Cramton, Marek Pycia, Marzena Rostek, and Marek Weretka , Review of Economic Studies 81(4) , 1366-1400 , October 2014.
- Implementation Details for Frequent Batch Auctions: Slowing Down Markets to the Blink of an Eye , Eric Budish, Peter Cramton and John Shim , American Economic Review P&P 104(5) , 418-424 , May 2014.
- Capacity Market Fundamentals , Peter Cramton, Axel Ockenfels and Steven Stoft , Economics of Energy & Environmental Policy, 2:2 2(2) , September 2013.
- How to Negotiate Ambitious Global Emissions Abatement , Peter Cramton, Axel Ockenfels and Steven Stoft , Working paper , May 2013.
- Fear of Losing in a Clock Auction , Emel Filiz Ozbay, Peter Cramton, Erkut Y. Ozbay, and Pacharasut Sujarittanonta , Review of Economic Design 16(2) , 119-134 , September 2012.
- Discrete Clock Auctions: An Experimental Study , Emel Filiz Ozbay, Peter Cramton, Erkut Y. Ozbay, and Pacharasut Sujarittanonta , Experimental Economics 15(2) , 309-322 , June 2012.
- Economics and Design of Capacity Markets for the Power Sector , Peter Cramton and Axel Ockenfels , Zeitschrift für Energiewirtschaft 36(2) , 113-134 , June 2012.
- The CMS Auction: Experimental Studies of a Median-Bid Procurement Auction with Non-Binding Bids , Peter Cramton, Brian Merlob, Charles R. Plott, and Yuanjun Zhang , Quarterly Journal of Economics 127(2) , 793-827 , May 2012.
- How to Fix the Inefficiency of Global Cap and Trade , Peter Cramton and Steven Stoft , The Economists’ Voice 9(1) , 1-5 , April 2012.
- Global Climate Games: How Pricing and a Green Fund Foster Cooperation , Peter Cramton and Steven Stoft , Economics of Energy & Environmental Policy 1(2) , March 2012.
- Early Pilots of Medicare Auctions Bring No Solace to Auction Experts , Peter Cramton and Brett E. Katzman , The Economists’ Voice 8(2) , 1-4 , July 2011.
- Common-Value Auctions with Liquidity Needs: An Experimental Test of a Troubled Assets Reverse Auctions , Emel Filiz Ozbay, Lawrence M. Ausubel, Peter Cramton, Nathaniel Higgins, Erkut Y. Ozbay, and Andrew Stocking , Handbook of Market Design, ed. by Nir Vulkan, Alvin E. Roth, and Zvika Neeman , May 2011.
- Ökonomik und Design von Kapazitätsmärkten im Stromsektor , Peter Cramton and Axel Ockenfels , Energiewirtschaftliche Tagesfragen 61(9) , 14-15 , January 2011.
- Using Forward Markets to Improve Electricity Market Design , Lawrence M. Ausubel and Peter Cramton , Utilities Policy 18(4) , 195-200 , December 2010.
- Virtual Power Plant Auctions , Lawrence M. Ausubel and Peter Cramton , Utilities Policy 18(4) , 201-208 , December 2010.
- Reducing Healthcare Costs Requires Good Market Design , Peter Cramton and Brett E. Katzman , The Economists’ Voice 7(4) , October 2010.
- International Climate Games: From Caps to Cooperation , Peter Cramton and Steven Stoft , Global Energy Policy Center, Research Paper No. 10‐07 , August 2010.
- Kyoto’s Climate Game and How to Fix It , Peter Cramton and Steven Stoft , Global Policy Center, Issue Brief 10‐08 , August 2010.
- Wind Energy in Colombia: A Framework for Market Entry , Peter Cramton, Walter Vergara, Alejandro Deeb, Natsuko Toba, and Irene Leino , The World Bank, Washington, DC 1 , 1-122 , July 2010.
- Auctioning Greenhouse Gas Emissions Permits in Australia , Regina Betz, Peter Cramton, Stefan Seifert, and Suzi Kerr , Australian Journal of Agricultural and Resource Economics 54(2) , 219-238 , April 2010.
- Price is a Better Climate Commitment , Peter Cramton and Steven Stoft , The Economists’ Voice 7(1) , January 2010.
- Global Carbon Pricing: A Better Climate Commitment , Peter Cramton and Steven Stoft , Global Energy Policy Center, Research Paper No. 09‐06 , December 2009.
- Prediction Markets to Forecast Electricity Demand , Peter Cramton and Luciano I. de Castro , Working Paper , August 2009.
- Making Sense of the Aggregator Bank , Lawrence M. Ausubel and Peter Cramton , The Economists' Voice 6(3) , February 2009.
- No Substitute for the 'P'-Word in Financial Rescue , Lawrence M. Ausubel and Peter Cramton , The Economists' Voice 6(2) , February 2009.
- Auction Design Critical for Rescue Plan , Lawrence M. Ausubel and Peter Cramton , The Economists’ Voice 5(5) , 1-3 , September 2008.
- Forward Reliability Markets: Less Risk, Less Market Power, More Efficiency , Peter Cramton and Steven Stoft , Utilities Policy 16(3) , 194-201 , September 2008.
- Comments on the RGGI Market Design , Peter Cramton , Report for ISO New England and NYISO , November 2007.
- Why We Need to Stick with Uniform-Price Auctions in Electricity Markets , Peter Cramton and Steven Stoft , The Electricity Journal 20(1) , 26-37 , January 2007.
- The Convergence of Market Designs for Adequate Generating Capacity , Peter Cramton and Steven Stoft , White Paper, California Electricity Oversight Board , April 2006.
- Combinatorial Auctions , Peter Cramton, Yoav Shoham and Richard Steinberg , MIT Press , January 2006.
- A Capacity Market that Makes Sense , Peter Cramton and Steven Stoft , The Electricity Journal 18(7) , 43-54 , September 2005.
- Review of the Proposed Reserve Markets in New England , Hung-po Chao, Peter Cramton and Robert Wilson , White Paper, Market Design Inc , January 2005.
- The Clock-Proxy Auction: A Practical Combinatorial Auction Design , Lawrence M. Ausubel, Peter Cramton and Paul Milgrom , Combinatorial Auctions , January 2005.
- Auctioning Many Divisible Goods , Lawrence M. Ausubel and Peter Cramton , Journal of the European Economic Association 2(2) , 480-493 , April 2004.
- Competitive Bidding Behavior in Uniform-Price Auction Markets , Peter Cramton , Proceedings of the Hawaii International Conference on System Sciences , January 2004.
- Unions, Bargaining and Strikes , Peter Cramton and Joseph S. Tracy , International Handbook of Trade Unions , October 2003.
- Tradeable Carbon Permit Auctions: How and Why to Auction Not Grandfather , Peter Cramton and Suzi Kerr , Energy Policy 30(4) , 333-345 , March 2002.
- A Review of Markets for Clean Air: The U.S. Acid Rain Program , Peter Cramton , Journal of Economic Literature 38(3) , 627-633 , September 2000.
- Impacts of Strike Replacement Bans in Canada , Peter Cramton, Morley Gunderson and Joseph S. Tracy , Labor Law Journal 50(3) , 173-179 , September 1999.
- The Effect of Collective Bargaining Legislation on Strikes and Wages , Peter Cramton, Morley Gunderson and Joseph S. Tracy , The Review of Economics and Statistics 81(3) , 475-487 , August 1999.
- The Role of the ISO in U.S. Electricity Markets: A Review of Restructuring in California and PJM , Lisa Cameron and Peter Cramton , The Electricity Journal 12(3) , 71-81 , April 1999.
- The Distributional Effects of Carbon Regulation , Peter Cramton and Suzi Kerr , The Market and the Environment, Cheltenham, United Kingdom: Edward Elgar, chapter 12 , January 1999.
- Efficient Relocation of Spectrum Incumbents , Peter Cramton, Evan Kwerel and John Williams , Journal of Law and Economics 41(S2) , 647-675 , October 1998.
- The Use of Replacement Workers in Union Contract Negotiations: The U.S. Experience, 1980–1989 , Peter Cramton and Joseph S. Tracy , Journal of Labor Economics, 16:4, 667-701 16(4) , 667-701 , October 1998.
- Auctions and Takeovers , Peter Cramton , New Palgrave Dictionary of Economics and the Law , January 1998.
- Using Auctions to Divest Generation Assets , Lisa J. Cameron, Peter Cramton and Robert Wilson , The Electricity Journal 10(10) , 22-31 , December 1997.
- Deception and Mutual Trust: A Reply to Strudler , Peter Cramton and J. Gregory Dees , Journal of Business Ethics 5(4) , 813-822 , October 1995.
- Wage Bargaining with Time-Varying Threats , Peter Cramton and Joseph S. Tracy , Journal of Labor Economics 12(4) , 594-617 , October 1994.
- The Determinants of U.S. Labor Disputes , Peter Cramton and Joseph S. Tracy , Journal of Labor Economics 12(2) , 180-209 , April 1994.
- Relational Investing and Agency Theory , Ian Ayres and Peter Cramton , Cardozo Law Review 15 , 1033-1066 , January 1994.
- Promoting Honesty in Negotiation: An Exercise in Practical Ethics , Peter Cramton and J. Gregory Dees , Business Ethics Quarterly 3(4) , 359-394 , October 1993.
- Strikes and Holdouts in Wage Bargaining: Theory and Data , Peter Crampton and Joseph S. Tracy , American Economic Review 82(1) , 100-121 , March 1992.
- Strategic Delay in Bargaining with Two-Sided Uncertainty , Peter Crampton , Review of Economic Studies 59(1) , 205-225 , January 1992.
- Dynamic Bargaining with Transaction Costs , Peter Cramton , Management Science 37(10) , 1221-1233 , October 1991.
- Shrewd Bargaining on the Moral Frontier: Toward a Theory of Morality in Practice , Peter Cramton and J. Gregory Dees , Business Ethics Quarterly 1(2) , 135-167 , April 1991.
- Using Auction Theory to Inform Takeover Regulation , Peter Cramton and Alan Schwartz , Journal of Law, Economics, and Organization 7(1) , 27-53
- Dissolving a Partnership Efficiently , Peter Cramton, Robert Gibbons and Paul Klemperer , Econometrica 55(3) , 615-632 , May 1987.
- Sequential Bargaining Mechanisms , Peter Cramton , Game-Theoretic Models of Bargaining, Alvin Roth (ed.), Cambridge University Press, Chapter 8, 149–179 , January 1985.
- Bargaining with Incomplete Information: An Infinite-Horizon Model with Two-Sided Uncertainty , Peter Cramton , Review of Economic Studies 51(4) , 579-593 , January 1984.
Pacharasut SujarittanontaChulalongkorn University
Nathaniel HigginsUSDA Economic Research Service
Matias Herrera DappeThe World Bank
Andrew StockingDepartment of Energy
Dipan GhoshCRA International
Martin RangerMartin Ranger Photographer
Jeffrey LienUS Department of Justice
Allan IngrahamEconomists Incorporated
Jesse SchwartzKennesaw State University
Laurent MartinBank of Canada
Hector LopezRivada Networks
Department of Economics