David M. Kreps

Professor Emeritus, Economics

David M. Kreps

The Adams Distinguished Professor of Management, Emeritus

Academic Area:

Research Statement

David Kreps is an economic theorist of international reputation whose path-breaking work concerns dynamic choice behavior and economic contexts in which dynamic choices are key. He has contributed to the literatures of axiomatic choice theory, financial markets, dynamic games, bounded rationality, and human resource management.

Research Interests

  • Dynamic choice
  • Human resource management
  • Behavioral economics
  • Economic equilibrium in dynamic-choice contexts


David Kreps joined the faculty of the Graduate School of Business in 1975, after completing a PhD in Operations Research in the Stanford School of Engineering. He has been a full professor since 1980, and today is the Adams Distinguished Professor of Management, Emeritus. From 2000 to 2009, he served as Senior Associate Dean.

Professor Kreps has been recognized for his research as a Fellow of the Econometric Society, a Fellow of the American Academy of Arts and Sciences, a member of the National Academy of Sciences, a Guggenheim Foundation Fellowship, and with an honorary doctorate from Universite Paris IX. In 1989, he was awarded the John Bates Clark Medal by the American Economic Association. In 2007, he received the CME Group/MSRI Prize in Innovative Quantitative Applications. In 2010 he was elected a Distinguished Fellow of the American Economic Association. In 2018 he was awarded the Carty Prize for the Advancement of Science by the National Academy of Sciences and was named the Erwin Plein Nemmers Prizewinner by Northwestern University. His 1989 Clarendon Lectures, Game Theory and Economic Modelling, have been translated into at least eight languages.

Professor Kreps has taught MBA and doctoral level courses in decision theory, stochastic processes, microeconomics, statistics, operations, competitive strategy, game theory, and human resource management. He is the author or coauthor of six textbooks. In 1991, he was awarded the MBA Distinguished Teaching Award and in 2019 he won the MSx Teaching Excellence Award. In 2010 he was awarded the Robert T. Davis Faculty Award for his overall service to Stanford GSB.

Away from work, Professor Kreps enjoys cooking and coaching youth sports. His three children think he has a lame sense of humor, of which this sentence is probably a good example.

Academic Degrees

  • MA and PhD, Stanford University, 1975
  • AB, Dartmouth College, 1972

Academic Appointments

  • Stanford GSB: Professor Emeritus, 2018-present; Professor, 1980-2018; Senior Associate Dean, 2000-09; Associate Professor, 1978-80; Assistant Professor, 1975-78
  • Tel-Aviv University, Berglas School of Economics, Sackler Fellow, 1991-2006
  • Visitor: Bocconi University 1992; St. Catherine's College Oxford 1990; CORE 1990; Tel-Aviv University 1989-90; Universite Paris IX 1986; Hebrew University 1985; Harvard University 1983; Cowles Foundation 1982; Churchill College Cambridge 1978-79

Awards and Honors

  • MSx Teaching Excellence Award, 2019
  • The Erwin Plein Nemmers Prize in Economics, Northwestern University, 2018
  • John J. Carty Award for the Advancement of Science, National Academy of Sciences, 2018
  • Robert T. Davis Faculty Award, 2010
  • Distinguished Fellow, American Economic Association, 2010
  • MSRI Prize in Innovative Quantitative Applications, CME Group, 2007
  • Doctorate Honoris Causa, Université Paris IX, 2001
  • John Bates Clark Medal, American Economic Association, 1989
  • Distinguished Teaching Award, MBA, 1991
  • Guggenheim Foundation Fellow, 1989-90
  • Sloan Foundation Fellow, 1983-85


Journal Articles

David M. Kreps, Walter Schachermayer
Theoretical Economics
January 2021 Vol. 16 Issue 1 Pages 25–47
David M. Kreps, Walter Schachermayer
Mathematical Finance
June 2020
David M. Kreps, Alejandro Francetich
Journal of Economic Dynamics and Control
February 2020 Vol. 111 Issue 103813
Alejandro Francetich, David M. Kreps
Journal of Economic Dynamics and Control
February 2020 Vol. 111
Alejandro Francetich, David M. Kreps
Economic Letters
December 2014 Vol. 125 Issue 3 Pages 444-446
Renee Bowen, David M. Kreps, Andrzej Skrzypacz
Quarterly Journal of Economics
January 2013 Vol. 128 Issue 3 Pages 1273-1320
David M. Kreps, James N. Baron
California Management Review
1999 Vol. 41 Issue 3 Pages 29-53
David M. Kreps
1997 Vol. 126 Issue 1 Pages 59-85
David M. Kreps
American Economic Review Papers and Proceedings
1997 Vol. 87 Issue 2 Pages 359-64
David M. Kreps
Industrial and Corporate Change
1996 Vol. 5 Issue 2 Pages 561-96
David M. Kreps, Drew Fudenberg
Games and Economic Behavior
1995 Vol. 8 Pages 20-55
David M. Kreps, Drew Fudenberg
Games and Economic Behavior
1993 Vol. 5 Pages 320-67
David M. Kreps, Ayman Hindy, Chi-fu Huang
Journal of Mathematical Economics
1992 Vol. 21 Pages 401-40
David M. Kreps, Drew Fudenberg, Eric Maskin
Review of Economic Studies
1990 Vol. 57 Pages 555-73
David M. Kreps
Journal of Economic Perspectives
1988 Vol. 2 Pages 111-35
David M. Kreps, Drew Fudenberg, David Levine
Journal of Economic Theory
1988 Vol. 44 Pages 354-80
David M. Kreps, Garey Ranet
1987 Vol. 55 Pages 1331-49
David M. Kreps, Drew Fudenberg
Review of Economic Studies
1987 Vol. 54 Pages 541-568
David M. Kreps, In-koo Cho
Quarterly Journal of Economics
1987 Vol. 102 Pages 179-221
David M. Kreps
La Revista Espanola de Economia
1987 Vol. 4 Pages 111-145
David M. Kreps, Oliver D. Hart
Journal of Political Economy
1986 Vol. 94 Pages 927-52
David M. Kreps, Jose Scheinkman
Bell Journal of Economics
1983 Vol. 14 Pages 326-337
David M. Kreps, Robert Wilson
July 1982 Vol. 50 Issue 4 Pages 863-894
David M. Kreps, Joel S. Demski
Journal of Accounting Research
1982 Vol. 20 Pages 117-48
David M. Kreps, Paul R. Milgrom, John Roberts, Robert Wilson
Journal of Economic Theory
1982 Vol. 27 Pages 245-252
David M. Kreps, Robert Wilson
Journal of Economic Theory
1982 Vol. 27 Pages 253-279
David M. Kreps
Journal of Mathematical Economics
1981 Vol. 8 Pages 381-408
David M. Kreps
May 1979 Vol. 47 Issue 3 Pages 565-577
David M. Kreps, Evan L. Porteus
1979 Vol. 47 Pages 91-100
J. Michael Harrison, David M. Kreps
Journal of Economic Theory
1979 Vol. 20 Issue 3 Pages 381–408
David M. Kreps, Evan L. Porteus
Journal of Economic Theory
1979 Vol. 20 Pages 81-109
David M. Kreps
SIAM Journal on Control and Optimization
1978 Vol. 16 Pages 420--28
David M. Kreps, J. Michael Harrison
Quarterly Journal of Economics
1978 Vol. 92 Pages 323-336
David M. Kreps, Evan L. Porteus
1978 Vol. 46 Issue 1 Pages 185-200
David M. Kreps
Journal of Economic Theory
1977 Vol. 14 Pages 32-43
David M. Kreps
Mathematics of Operations Research
1977 Vol. 2 Pages 45-53
David M. Kreps
Mathematics of Operations Research
1977 Vol. 2 Pages 266-74
David M. Kreps, Evan L. Porteus
SIAM Journal on Applied Mathematics
1977 Vol. 32 Pages 420--28


David M. Kreps
Columbia University Press
November 2023
David M. Kreps
Cambridge University Press
September 2019
David M. Kreps
W. W. Norton & Company
David M. Kreps
Princeton University Press
David M. Kreps
James N. Baron, David M. Kreps
April 1999
David M. Kreps
Oxford University Press
December 6, 1990
David M. Kreps
Princeton University Press
February 20, 1990
David M. Kreps
Westview Press
May 12, 1988

Book Chapters

David M. Kreps, James N. Baron
The Handbook of Organizational Economics
2013 Pages 315-41
David M. Kreps
Game Theory: 5 Questions
2007 Pages 121-35
David M. Kreps
Research Universities and the Future of the Academic Disciplines
2003 Pages 49-72
David M. Kreps
Frontiers of Research in Economic Theory: The Nancy L. Schwartz Memorial Lectures
1998 Pages 242074
David M. Kreps
New Palgrave Dictionary of Law and Economics
David M. Kreps, Joel Sobel
The Handbook of Game Theory, Volume II
1994 Pages 849-67
David M. Kreps
Economic Analysis of Markets and Games
David M. Kreps
Perspectives on Positive Political Economy
1990 Pages 90-142
David M. Kreps
The Economics of Information, Missing Markets, and Games
David M. Kreps
The New Palgrave
David M. Kreps, Margaret Bray
Kenneth Arrow and the Ascent of Economic Theory
David M. Kreps, A. Michael Spence
Issues in Contemporary Microeconomics and Welfare
1985 Pages 340-78
David M. Kreps, A. Michael Spence
Technological Innovation and Business Strategy

Academic Publications

David M. Kreps
Evolving Approaches to the Economics of Public Policy
2016 Pages 93-143
David M. Kreps, Drew Fudenberg
CORE Lecture Series


Other Teaching

Conferences, Talks & Speaking Engagements

David M. Kreps delivered The 13th Annual Kenneth J. Arrow Lecture, entitled “Not Every Couple Should Have a Prenup: How the Context and History of Exchange Affects Personal Preferences, and Why This Matters Both to Economic Theory and to Practical Human Resource Management.”

David M. Kreps delivered The Erwin Plein Nemmers Lecture, entitled “Some Dimensions of Behavior with which Economics Should Contend.”

Service to the Profession


  • U.S. National Academy of Sciences, 1997-present


  • American Academy of Arts and Sciences, 1993-present
  • Econometric Society, 1983-present


  • Econometrica, 1984-88

Program Co-Chair

  • Seventh World Congress of the Econometric Society, 1995

In the Media

Insights by Stanford Business

March 28, 2018
Three award-winning economists talk about where the field has been and where it’s heading.
March 27, 2015
An economist explains why “rational choice” is sometimes irrational.
November 01, 2000
In the last 25 years, many if not most significant innovations in economics have been driven by this methodological innovation.

School News

October 12, 2020
“Bob brought economic theory to the real world, both as a mechanism for understanding ‘how things work’ and then in the design of better institutions.”
June 20, 2019
Stanford GSB students recognized Professors Timothy McQuade, Jesper Sørensen, and David Kreps for their outstanding teaching.
February 19, 2019
The newly established symposia are a testament to the lasting impact of David M. Kreps’ contributions to Stanford GSB.
April 16, 2018
Northwestern University announces Kreps as the winner of the 2018 Erwin Plein Prize in Economics based on his work in game theory, decision theory, and finance.
January 17, 2018
David Kreps, Paul Milgrom, and Robert Wilson have been honored for their pioneering work using game theory to help solve real-world problems.
February 27, 2017
A recent two-day symposium celebrated the depth and breadth of impact by faculty member David Kreps in choice theory, finance, game theory, economics.
May 15, 2011
Seenu Srinivasan, Larry Wein, and David Kreps are appointed to new chairs.
June 14, 2008
At commencement, Dean Joss expressed appreciation for the “record-smashing” MBA class gift of more than $1.2 million, pledged by 96% of the class.