March 2009

     
 

Curriculum Vitae

LAWRENCE M. AUSUBEL

 

 

 

Address

 

            Department of Economics

            University of Maryland

            Tydings Hall, Room 3105

            College Park, MD 20742

            301.405.3495 TEL         202.318.0863 FAX

            www.ausubel.com

            ausubel@econ.umd.edu

 

            2744 32nd Street, N.W.

            Washington, DC 20008

 

 

Personal

 

            Date of Birth:    December 9, 1959

            Place of Birth:   New York City

 

 

Education

 

            Ph.D. (1984)     Stanford University, Economics

            M.L.S. (1984)   Stanford Law School, Legal Studies

            M.S. (1982)      Stanford University, Mathematics

            A.B. (1980)      Princeton University, Mathematics

 

Honors:            Fellow of the Econometric Society

                        Phi Beta Kappa

                        Sigma Xi

                        Magna cum laude in mathematics

                        Stanford University Economics Department, graduate fellowship, 1982

                        Stanford Law School, fellowship in law and economics, 1983

 

 

Fields of Concentration

 

            Microeconomic Theory and Game Theory

            Auctions and Bargaining

            Credit Cards, Bankruptcy and Banking

            Industrial Organization

            Regulation

            Law and Economics

 

 

Professional Experience

 

            Professor of Economics, University of Maryland (August 1992 – present).

 

            Assistant Professor of Managerial Economics and Decision Sciences, Kellogg School, Northwestern University (September 1984 – August 1992).

 

            Visiting Assistant Professor, New York University (January 1990 – May 1990).

 

            Teaching Fellow, variously in mathematics and economics, Stanford University (1981 – 83).

 

 

Teaching

 

Econ 456               Law and Economics (Undergraduate; Maryland)

Econ 603               Microeconomic Analysis (Ph.D.; Maryland)

Econ 661               Industrial Organization (Ph.D.; Maryland)

Econ 704               Game Theory, Bargaining and Auctions (Ph.D.; Maryland)

Mngrl Econ D30    Intermediate Microeconomics (M.B.A.; Northwestern)

Mngrl Econ D45    Regulation and Deregulation (M.B.A.; Northwestern)

 

 

Publications

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” American Economic Review, Vol. 96, No. 3, pp. 602-629, June 2006.

 

            “An Efficient Ascending-Bid Auction for Multiple Objects,” American Economic Review, Vol. 94, No. 5, pp. 1452-1475, December 2004.

 

            “Dynamic Auctions in Procurement” (with Peter Cramton), Chapter 9 of Handbook of Procurement (N. Dimitri, G. Piga, and G. Spagnolo, eds.), pp. 220-245, Cambridge: Cambridge University Press, 2006.

 

            “The Lovely but Lonely Vickrey Auction” (with Paul Milgrom), Chapter 1 of Combinatorial Auctions (P. Cramton, Y. Shoham, and R. Steinberg, eds.), pp. 17-40, Cambridge: MIT Press, 2006.

 

            “Ascending Proxy Auctions” (with Paul Milgrom), Chapter 3 of Combinatorial Auctions (P. Cramton, Y. Shoham, and R. Steinberg, eds.), pp. 79-98, Cambridge: MIT Press, 2006.

 

            “The Clock-Proxy Auction: A Practical Combinatorial Auction Design” (with Peter Cramton and Paul Milgrom), Chapter 5 of Combinatorial Auctions (P. Cramton, Y. Shoham, and R. Steinberg, eds.), pp. 115-138, Cambridge: MIT Press, 2006.

 

            “Auctioning Many Divisible Goods” (with Peter C. Cramton), Journal of the European Economics Association, Vol. 2, Nos. 2-3, pp. 480-493, April-May 2004.

 

            “Vickrey Auctions with Reserve Pricing” (with Peter C. Cramton), Economic Theory, 23, pp. 493-505, April 2004. Reprinted in Charalambos Aliprantis, et al. (eds.), Assets, Beliefs, and Equilibria in Economic Dynamics, Berlin: Springer-Verlag, 355-368, 2003.

 

            “Auction Theory for the New Economy,” Chapter 6 of New Economy Handbook (D. Jones, ed.), San Diego: Academic Press, 2003.

 

            “Ascending Auctions with Package Bidding” (with Paul Milgrom), Frontiers of Theoretical Economics, Vol. 1, No. 1, Article 1, August 2002. http://www.bepress.com/bejte/frontiers/vol1/iss1/art1

 

            “Bargaining with Incomplete Information” (with Peter Cramton and Raymond Deneckere), Chapter 50 of Handbook of Game Theory (R. Aumann and S. Hart, eds.), Vol. 3, Amsterdam: Elsevier Science B.V., 2002.

 

            “Package Bidding: Vickrey vs. Ascending Auctions” (with Paul Milgrom), Revue Economique, Vol. 53, No. 3, pp. 391-402, May 2002.

 

            “Implications of Auction Theory for New Issues Markets,” Brookings-Wharton Papers on Financial Services, Vol. 5, pp. 313-343, 2002.

 

            “Synergies in Wireless Telephony: Evidence from the Broadband PCS Auctions” (with Peter Cramton, R. Preston McAfee, and John McMillan), Journal of Economics and Management Strategy, Vol. 6, No. 3, Fall 1997, pp. 497-527.

 

            “Credit Card Defaults, Credit Card Profits, and Bankruptcy,” American Bankruptcy Law Journal, Vol. 71, Spring 1997, pp. 249-270; recipient of the Editor's Prize for the best paper in the American Bankruptcy Law Journal, 1997.

 

            “Efficient Sequential Bargaining” (with R. Deneckere), Review of Economic Studies, Vol. 60, No. 2, April 1993, pp. 435-461.

 

            “A Generalized Theorem of the Maximum” (with R. Deneckere), Economic Theory, Vol. 3, No. 1, January 1993, pp. 99-107.

 

            “Durable Goods Monopoly with Incomplete Information” (with R. Deneckere), supercedes “Stationary Sequential Equilibria in Bargaining with Two-Sided Incomplete Information,” Review of Economic Studies, Vol. 59, No. 4, October 1992, pp. 795-812.

 

            “Bargaining and the Right to Remain Silent” (with R. Deneckere), Econometrica, Vol. 60, No. 3, May 1992, pp. 597-625.

 

            “The Failure of Competition in the Credit Card Market,” American Economic Review, Vol. 81, No. 1, March 1991, pp. 50-81; reprinted as Chapter 21 in Advances in Behavioral Finance (D. Thaler, ed.), Russell Sage Foundation, 1993.

 

            “Insider Trading in a Rational Expectations Economy,” American Economic Review, Vol. 80, No. 5, December 1990, pp. 1022-1041.

 

            “Partially-Revealing Rational Expectations Equilibrium in a Competitive Economy,” Journal of Economic Theory, Vol. 50, No. 1, February 1990, pp. 93-126.

 

            “A Direct Mechanism Characterization of Sequential Bargaining with One-Sided Incomplete Information” (with R. Deneckere), Journal of Economic Theory, Vol. 48, No. 1, June 1989, pp. 18-46; reprinted as Chapter 15 in Bargaining with Incomplete Information (P. Linhart, R. Radner, and M. Satterthwaite, eds.), Academic Press, 1992.

 

            “Reputation in Bargaining and Durable Goods Monopoly” (with R. Deneckere), Econometrica, Vol. 57, No. 3, May 1989, pp. 511-531; reprinted as Chapter 13 in Bargaining with Incomplete Information (P. Linhart, R. Radner, and M. Satterthwaite, eds.), Academic Press, 1992.

 

            “One is Almost Enough for Monopoly” (with R. Deneckere), Rand Journal of Economics, Vol. 18, No. 2, Summer 1987, pp. 255-274.

 

 

Patents and Published Patent Applications

 

            “System and Method for an Efficient Dynamic Multi-Unit Auction,” U.S. Patent Number 7,467,111, issued December 16, 2008.

 

            “System and Method for an Efficient Dynamic Multi-Unit Auction,” U.S. Patent Number 7,343,342, issued March 11, 2008.

 

            “Ascending Bid Auction for Multiple Objects,” U.S. Patent Number 7,337,139, issued February 26, 2008.

 

            “Computer Implemented Methods and Apparatus for Auctions,” U.S. Patent Number 7,249,027, issued July 24, 2007.

 

            “System and Method for an Efficient Dynamic Multi-Unit Auction,” U.S. Patent Number 7,165,046, issued January 16, 2007.

 

            “System and Method for an Efficient Dynamic Multi-Unit Auction,” U.S. Patent Number 7,062,461, issued June 13, 2006.

 

            “System and Method for an Auction of Multiple Types of Items,” International Patent Application No. PCT/US02/16937, published December 5, 2002.

 

            “System and Method for a Dynamic Auction with Package Bidding,” International Patent Application No. PCT/US01/43838, published May 30, 2002.

 

            “System and Method for an Efficient Dynamic Auction for Multiple Objects,” U.S. Patent Number 6,026,383, issued February 15, 2000.

 

            “Computer Implemented Methods and Apparatus for Auctions,” U.S. Patent Number 6,021,398, issued February 1, 2000.

 

            “Computer Implemented Methods and Apparatus for Auctions,” U.S. Patent Number 5,905,975, issued May 18, 1999.

 

 

Book Reviews and Encyclopedia Entries

 

            “Auction Theory,” New Palgrave Dictionary of Economics, Second Edition, Steven N. Durlauf and Lawrence E. Blume, eds., London: Macmillan, forthcoming, 2008.

 

            “Credit Cards,” McGraw-Hill Encyclopedia of Economics, McGraw-Hill, 1994.

 

            “Book Review:  The Credit Card Industry, by Lewis Mandell,” Journal of Economic Literature, Vol. 30, No. 3, September 1992, pp. 1517-18.

 

            “Credit Cards,” New Palgrave Dictionary of Money and Finance, Stockton Press, 1992.

 

 

Working Papers

 

            “Common-Value Auctions with Liquidity Needs: An Experimental Test of a Troubled Assets Reverse Auction” (with Peter Cramton, Emel Filiz-Ozbay, Nathaniel Higgins, Erkut Ozbay and Andrew Stocking), working paper, University of Maryland, December 2008.

 

            “A Troubled Asset Reverse Auction” (with Peter Cramton), working paper, University of Maryland, October 2008.

 

            “Penalty Interest Rates, Universal Default, and the Common Pool Problem of Credit Card Debt” (with Amanda E. Dawsey), mimeo, University of Maryland, March 2008.

 

            “Non-Judicial Debt Collection and Informal Bankruptcy” (with Amanda E. Dawsey and Richard Hynes), University of Virginia Law School working paper, February 2008.

 

            “Time Inconsistency in the Credit Card Market” (with Haiyan Shui), mimeo, University of Maryland, January 2005.

 

            “Informal Bankruptcy” (with Amanda E. Dawsey), mimeo, University of Maryland, April 2004.

 

            “Adverse Selection in the Credit Card Market,” mimeo, University of Maryland, June 1999; revise and resubmit at American Economic Review.

 

            “The Credit Card Market, Revisited,” mimeo, University of Maryland, July 1995.

 

            “Walrasian Tâtonnement for Discrete Goods,” mimeo, University of Maryland, July 2005.

 

            “Demand Reduction and Inefficiency in Multi-Unit Auctions” (with Peter Cramton), Working Paper No. 96-07, University of Maryland, July 2002.

 

            “Bidder Participation and Information in Currency Auctions” (with Rafael Romeu), Working Paper WP/05/157, International Monetary Fund, 2005.

 

            “A Mechanism Generalizing the Vickrey Auction,” mimeo, University of Maryland, September 1999.

 

            “The Ascending Auction Paradox” (with Jesse Schwartz), mimeo, University of Maryland, July 1999.

 

            “The Optimality of Being Efficient” (with Peter Cramton), mimeo, University of Maryland, June 1999.

 

            “Sequential Recontracting Under Incomplete Information” (with Arijit Sen), mimeo, University of Maryland, June 1995.

 

            “Separation and Delay in Bargaining” (with Raymond Deneckere), mimeo, University of Maryland, April 1994.

 

            “A Model of Managerial Discretion and Corporate Takeovers,” mimeo, University of Maryland, March 1993.

 

            “Rigidity and Asymmetric Adjustment of Bank Interest Rates,” mimeo, University of Maryland, August 1992.

 

            “Oligopoly When Market Share Matters,” mimeo, Stanford University, May 1984.

 

            “Partially-Revealing Equilibria,” Stanford University, Department of Economics, August 1984.  Dissertation committee:  Mordecai Kurz (principal advisor); Peter J. Hammond; Kenneth J. Arrow.

 

 

Works in Progress

 

            “The Hungarian Auction” (with T. Morrill)

 

            “Bargaining and Forward Induction” (with R. Deneckere)

 

 

Op-Eds

 

            “Making Sense of the Aggregator Bank” (with Peter Cramton), Economists’ Voice, Vol. 6, Issue 3, Article 2, February 2009.

 

            “No Substitute for the ‘P’-Word in Financial Rescue” (with Peter Cramton), Economists’ Voice, Vol. 6, Issue 2, Article 2, February 2009.

 

            “Auction Design Critical for Rescue Plan” (with Peter Cramton), Economists’ Voice, Vol. 5, Issue 5, Article 5, September 2008.

 

 

Research Grants

 

            Principal Investigator, “Dynamic Matching Mechanisms” (with P. Cramton), National Science Foundation Grant SES-05-31254, August 15, 2005 – July 31, 2008.

 

            Co-Principal Investigator, “Slot Auctions for U.S. Airports” (with M. Ball, P. Cramton and D. Lovell), Federal Aviation Administration, September 1, 2004 – August 31, 2005.

 

            Co-Principal Investigator, “Rapid Response Electronic Markets for Time-Sensitive Goods” (with G. Anandalingam, P. Cramton, H. Lucas, M. Ball and V. Subrahmanian), National Science Foundation Grant IIS-02-05489, Aug 1, 2002 – July 31, 2005.

 

            Principal Investigator, “Multiple Item Auctions” (with P. Cramton), National Science Foundation Grant SES-01-12906, July 15, 2001 – June 30, 2004.

 

            Principal Investigator, “Auctions for Multiple Items” (with P. Cramton), National Science Foundation Grant SBR-97-31025, April 1, 1998 – March 31, 2001.

 

            Co-Principal Investigator, “Auctions and Infrastructure Conference” (with P. Cramton), National Science Foundation, April 1, 1998 – March 31, 1999.

 

            Principal Investigator, “Bargaining Power, Sequential Recontracting, and the Principal-Agent Problem” (with A. Sen), National Science Foundation Grant SBR‑94‑10545, October 15, 1994 – September 30, 1997.

 

            Principal Investigator, “Insider Trading and Economic Efficiency,” The Lynde and Harry Bradley Foundation, May 15, 1989 – May 14, 1992.

 

            Principal Investigator, “Bargaining with One- and Two-Sided Incomplete Information” (with R. Deneckere), National Science Foundation Grant SES-86-19012, June 1, 1987 – May 31, 1989.

 

            Principal Investigator, “Information Transmission in Bargaining and Markets” (with R. Deneckere), National Science Foundation Grant IST-86-09129, July 1, 1986 – June 30, 1987.

 

 

Conference Presentations

 

            “On Generalizing the English Auction,” Econometric Society Winter Meetings, Chicago, January 1998.

 

            “The Optimality of Being Efficient,” Maryland Auction Conference, Wye River, May 1998.

 

            “Adverse Selection in the Credit Card Market,” Western Finance Association, Monterey, June 1998.

 

            “The Optimality of Being Efficient,” Econometric Society Summer Meetings, Montreal, June 1998.

 

            “Bargaining and Forward Induction,” Northwestern Summer Microeconomics Conference, Evanston, IL, July 1998.

 

            “Predicting Personal Bankruptcies,” National Conference of Bankruptcy Judges, Dallas, October 1998.

 

            “Adverse Selection in the Credit Card Market,” NBER Behavioral Macroeconomics Conference, Boston, December 1998.

 

            “The Ascending Auction Paradox,” Econometric Society Summer Meetings, Madison, June 1999.

 

            “Adverse Selection in the Credit Card Market,” Econometric Society Summer Meetings, Madison, June 1999.

 

            “Predicting Personal Bankruptcies,” Meeting of the National Association of Chapter Thirteen Trustees, New York, July 1999.

 

            “The Ascending Auction Paradox,” Southeast Economic Theory Conference, Washington DC, November 1999.

 

            “Adverse Selection in the Credit Card Market,” Utah Winter Finance Conference, Salt Lake City, February 2000.

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” Conference on Auctions and Market Structure, Heidelberg, Germany, July 2000.

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” Conference on Multiunit Auctions, Stony Brook, NY, July 2000.

 

            “A Mechanism Generalizing the Vickrey Auction,” Econometric Society World Congress, Seattle, August 2000.

 

            “Auctions for Financial E-Commerce,” New York Federal Reserve Bank Conference on Financial E-Commerce, New York, February 2001.

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” NSF General Equilibrium Conference, Providence, RI, April 2001.

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” NSF/NBER Decentralization Conference, Evanston, IL, April 2001.

 

            “Informal Bankruptcy,” Association of American Law Schools Workshop on Bankruptcy, St. Louis, MO, May 2001.

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” Econometric Society Summer Meetings, College Park, MD, June 2001.

 

            “Ascending Auctions with Package Bidding,” FCC, SIEPR and NSF Conference on Combinatorial Auctions, Wye River, MD, October 2001.

 

            “The Electricité de France Generation Capacity Auctions,” CORE-ECARES-LEA Workshop on Auctions, Brussels, Belgium, November 2001.

 

            “Informal Bankruptcy,” Utah Winter Finance Conference, Salt Lake City, February 2002.

 

            “Defictionalizing the Walrasian Auctioneer,” Conference on Market Design in Honor of Robert Wilson, Stanford, CA, May 2002.

 

            “Adverse Selection in the Credit Card Market,” Conference on the Economics of Payment Networks, Toulouse, France, June 2002.

 

            “Ascending Auctions with Package Bidding,” Econometric Society Summer Meetings, Los Angeles, June 2002.

 

            “An Efficient Dynamic Auction for Heterogeneous Commodities,” Conference in Honor of Mordecai Kurz, Stanford, CA, August 2002.

 

            “Adverse Selection in the Credit Card Market,” Conference on Credit, Trust and Calculation, San Diego, November 2002.

 

            “Package Bidding for Spectrum Auctions,” American Economic Association Meetings, Washington, DC, January 2003.

 

            “Auctioning Many Divisible Goods,” invited session, European Economic Association Meetings, Stockholm, August 2003.

 

            “Spectrum Auctions with Package Bidding,” TPRC Research Conference on Communication, Information and Internet Policy, Arlington, VA, September 2003.

 

            “Defictionalizing the Walrasian Auctioneer,” invited lecture, Conference on Auctions and Market Design: Theory, Evidence and Applications, Fondazione Eni Enrico Mattei, Milan, September 2003.

 

            “Clock Auctions, Proxy Auctions, and Possible Hybrids,” Workshop on Auction Theory and Practice, Pittsburgh, PA, November 2003.

 

            “Clock Auctions, Proxy Auctions, and Possible Hybrids,” FCC Combinatorial Bidding Conference, Wye River, MD, November 2003.

 

            “Time Inconsistency in the Credit Card Market,” Utah Winter Finance Conference, Salt Lake City, February 2004.

 

            “The Clock-Proxy Auction: A Practical Combinatorial Auction Design,” Conference on Auctions and Market Design: Theory, Evidence and Applications, Consip, Rome, Italy, September 2004.

 

            “Bidder Participation and Information in Currency Auctions,” Conference on Auctions and Market Design: Theory, Evidence and Applications, Consip, Rome, Italy, September 2004.

 

            “The Clock-Proxy Auction: A Practical Combinatorial Auction Design,” Market Design Conference, Stanford University, December 2004.

 

            “Dynamic Matching Mechanisms,” Econometric Society World Congress, London, August 2005.

 

            “The Clock-Proxy Auction, with Recent Applications,” SISL Workshop, Caltech, October 2005.

 

            “Dynamic Matching Mechanisms,” Conference on Matching and Two-Sided Markets, University of Bonn, May 2006.

 

            “The Hungarian Auction,” DIMACS Workshop on Auctions with Transaction Costs, Rutgers University, March 2007.

 

            “The Hungarian Auction,” PSE Lecture at the Paris School of Economics, June 2007.

 

            “Time Inconsistency in the Credit Card Market,” John M. Olin Conference on Law and Economics of Consumer Credit, University of Virginia, February 2008.

 

            “The Hungarian Auction,” 6th Annual International Industrial Organization Conference, Arlington, VA, May 2008.

 

            “The Hungarian Auction,” Frontiers of Microeconomic Theory and Policy, Symposium in Honour of Ray Rees, University of Munich, July 2008.

 

            “Common-Value Auctions with Liquidity Needs: An Experimental Test of a Troubled Assets Reverse Auction,” 2009 CAPCP Conference on Auctions and Procurement, Penn State University, March 2009.

 

            “Market Design for Troubled Assets,” NBER Workshop on Market Design, Cambridge, MA, May 2009.

 

 

Professional Service

 

            Member, National Science Foundation Economics Panel, 2004–2005.

 

            Associate Editor, Berkeley Electronic Journals of Theoretical Economics, 2004–present.

 

            Guest Associate Editor, Management Science, issue on Electronic Auctions, 2003.

 

            Program Chair of the 2001 North American Summer Meeting of the Econometric Society (with Peter Cramton), University of Maryland, June 21–24, 2001.

 

            Program Committee of the North American Summer Meeting of the Econometric Society, UCLA, June 2002, and University of Pennsylvania, June 1991.

 

            Organized Maryland Auction Conference (with Peter Cramton), Wye River Conference Center, May 1998, sponsored by the National Science Foundation, the World Bank, and the University of Maryland.

 

            Testified before the Committee on Banking, Housing and Urban Affairs of the US Senate, Hearing on “Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Card Protections,” February 12, 2009.

 

            Testified before the Subcommittee on Financial Institutions and Consumer Credit of the US House of Representatives, Hearing on “The Credit Cardholders’ Bill of Rights: Providing New Protections for Consumers,” March 13, 2008.

 

            Spoke at a Forum on Bankruptcy of the Financial Services Committee of the US House of Representatives, February 28, 2001.

 

            Testified before the Subcommittee on Commercial and Administrative Law of the US House of Representatives, Hearing on the Consumer Bankruptcy Issues in the Bankruptcy Reform Act of 1998,” March 10, 1998.

 

            Testified before the Subcommittee on Financial Institutions and Regulatory Relief of the United States Senate, Hearing on Bankruptcy Reform, February 11, 1998.

 

            Testified before the National Bankruptcy Review Commission, January 1997.

 

            Referee for: American Economic Review, Econometrica, European Economic Review, Games and Economic Behavior, International Journal of Game Theory, International Journal of Industrial Organization, Journal of Banking and Finance, Journal of Business, Journal of Economic Theory, Journal of Financial Intermediation, Journal of Political Economy, Quarterly Journal of Economics, Rand Journal of Economics, Review of Economic Studies, and the National Science Foundation.

 

 

Professional Organizations

 

            American Economic Association

            Econometric Society