David M. Kreps, Paul Milgrom and Robert Wilson, familiar names to members of the Society, were awarded the US National Academy of Sciences John J. Carty award for the advancement of science. The citation reads, in part:
Kreps and Wilson provided a framework, known as sequential equilibrium, for modeling dynamic effects in economics. All three of the award winners, together with other collaborators and in particular D. John Roberts, employed these techniques to model and study reputation and collusion, both of which have broad applications in macroeconomics, industrial organization, and labor economics.