Professor Paul Klemperer FBA


Elected 1999

Fellow type
UK Fellow
Year elected

Paul Klemperer is Edgeworth Professor of Economics at Oxford University. He co-invented the now widely-used concept of "strategic complements"; his contributions to industrial economics include developing the theory of consumer switching costs and the "supply function" analysis of energy markets; and he 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 invented new auction designs; the "Product-Mix Auction" he developed during the financial crisis is now regularly used by the Bank of England -- former-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 (with Binmore) the UK government's "3G" mobile-phone license auction that raised £22.5 billion, and assisting the US Treasury in the financial crisis. He is a Foreign Honorary Member of the American Academy of Arts and Sciences, a Fellow of the Econometric Society, a Fellow of the European Economic Association, and a Foreign Honorary Member of the Argentinian Economic Association.

Current post

Edgeworth Professor of Economics, University of Oxford

Past appointments

University of Oxford Edgeworth Professor of Economics

1995 -

University of Oxford Edgeworth Professor of Economics, University of Oxford

1995 -


“Supply Function Equilibria in Oligopoly under Uncertainty” (with Meyer) Econometrica 1989

“Competition when Consumers have Switching Costs” Review of Economic Studies 1995

“Multimarket Oligopoly: Strategic Substitutes and Complements” (with Bulow and Geanakoplos) Journal of Political Economy 1985

“The Product-Mix Auction: a New Auction Design for Differentiated Goods” Journal of the European Economic Association 2010

“Equity Recourse Notes: Creating Counter-cyclical Bank Capital” (with Bulow) Economic Journal 2015

Auctions: Theory and Practice Princeton University Press 2004

Sign up to our email newsletters