He is the 2020 recipient of the Nobel Prize in Economic Sciences, along with Robert Wilson, "for improvements to auction theory and inventions of new auction formats." He is the Shirley and Leonard Ely professor of Humanities and Sciences in the Department of Economics at Stanford University. He is also chairman and co-founder of Auctionomics, which designs and assists bidders in high-stakes auctions. At the beginning of 2020 he was named Distinguished Fellow by the American Economic Association. He is best known for his contributions to the theory of auctions, much of which is summarized in his book, Putting Auction Theory to Work, published by Cambridge University Press, and for his contributions to the practice of auction design. Earlier in 2020, he was also named a Distinguished Fellow of the American Economic Association.