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User profiles for author:"Paul Milgrom"

Paul Milgrom

Professor of Economics, Stanford University
Verified email at stanford.edu
Cited by 49773

Multitask principal-agent analyses: Incentive contracts, asset ownership, and job design

[PDF] from edegan.com
B Holmstrom, P Milgrom - JL Econ. & Org., 1991 - HeinOnline
In the standard economic treatment of the principal-agent problem, compensation systems
serve the dual function of allocating risks and rewarding productive work. A tension between
these two functions arises when the agent is risk averse, for providing the agent with ...
Cited by 3931 - Related articles - Library Search - All 32 versions

Bid, ask and transaction prices in a specialist market with heterogeneously informed traders

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LR Glosten… - Journal of financial economics, 1985 - Elsevier
Cited by 3493 - Related articles - All 22 versions

A theory of auctions and competitive bidding

[PDF] from princeton.edu
PR Milgrom… - Econometrica: Journal of the Econometric Society, 1982 - JSTOR
Page 1. ECONOMETRICA VOLUME 50 SEPTEMBER, 1982 NUMBER 5 A THEORY
OF AUCTIONS AND COMPETITIVE BIDDING' BY PAUL R. MILGROM AND ROBERT
J. WEBER A model of competitive bidding is developed ...
Cited by 2965 - Related articles - Get it from MIT Libraries - Library Search - All 37 versions

The economics of modern manufacturing: Technology, strategy, and organization

[PDF] from cui-zy.cn
P Milgrom… - The American Economic Review, 1990 - JSTOR
Manufacturing is undergoing a revolution. The mass production model is being replaced by
a vision of a flexible multiproduct firm that emphasizes quality and speedy response to
market conditions while utilizing technologically advanced equipment and new forms of ...
Cited by 2174 - Related articles - Get it from MIT Libraries - All 17 versions

Aggregation and linearity in the provision of intertemporal incentives

[PDF] from yale.edu
B Holmstrom, P Milgrom - Econometrica: Journal of the Econometric …, 1987 - JSTOR
We consider the problem of providing incentives over time for an agent with constant
absolute risk aversion. The optimal compensation scheme is found to be a linear function of
a vector of N accounts which count the number of times that each of the N kinds of ...
Cited by 2029 - Related articles - Get it from MIT Libraries - Library Search - All 22 versions

Rational cooperation in the finitely repeated prisoners' dilemma

[PDF] from edegan.com
DM Kreps, P Milgrom… - Journal of Economic Theory, 1982 - Elsevier
Abstract A common observation in experiments involving finite repetition of the prisoners'
dilemma is that players do not always play the single-period dominant strategies (“finking”),
but instead achieve some measure of cooperation. Yet finking at each stage is the only ...
Cited by 2023 - Related articles - Get it from MIT Libraries - All 17 versions

Good news and bad news: Representation theorems and applications

[PDF] from msu.edu
PR Milgrom - The Bell Journal of Economics, 1981 - JSTOR
Page 1. Good news and bad news: representation theorems and applications Paul R. Milgrom*
This is an article about modeling methods in information economics. A notion of "favorableness"
of news is introduced, characterized, and applied to four simple models. ...
Cited by 1734 - Related articles - Get it from MIT Libraries - All 29 versions

Price and advertising signals of product quality

[PDF] from yale.edu
P Milgrom… - The Journal of Political Economy, 1986 - JSTOR
We present a signaling model, based on ideas of Phillip Nelson, in which both the
introductory price and the level of directly" uninformative" advertising or other dissipative
marketing expenditures are choice variables and may be used as signals for the initially ...
Cited by 1536 - Related articles - Get it from MIT Libraries - Library Search - All 30 versions

Predation, reputation, and entry deterrence

[PDF] from northwestern.edu
P Milgrom… - Journal of economic theory, 1982 - Elsevier
Abstract Economists often argue that predatory practices are irrational, since there exist
cheaper or more certain means to gain or maintain a monopoly. Our gametheoretic,
equilibrium analysis suggests that if a firm is threatened by several potential entrants, then ...
Cited by 1484 - Related articles - Get it from MIT Libraries - Library Search - All 32 versions

[BOOK] Putting auction theory to work

[PDF] from usc.edu
PR Milgrom - 2004 - books.google.com
Paul Milgrom Putting Auction Theory to Work From the pioneer of spectrum auction design
Economics > Business > Finance CAMBRIDGE ... Paul Milgrom is Leonard and Shirley Ely Professor
of Humanities and Social Sciences and Professor of Economics at Stanford University. ...
Cited by 1409 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 63 versions

Complementarities and fit strategy, structure, and organizational change in manufacturing

P Milgrom… - Journal of accounting and economics, 1995 - Elsevier
The theories of supermodular optimization and games provide a framework for the analysis
of systems marked by complementarity. We summarize the principal results of these theories
and indicate their usefulness by applying them to study the shift to 'modern manufacturing'. ...
Cited by 1450 - Related articles - Get it from MIT Libraries - All 9 versions

The firm as an incentive system

[PDF] from edegan.com
B Holmstrom, P Milgrom - The American Economic Review, 1994 - JSTOR
We explore the twin hypotheses (i) that high-performance incentives, worker ownership of
assets, and worker freedom from direct controls are complementary instruments for
motivating workers, and (ii) that such instruments can be expected to covary positively in ...
Cited by 1399 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 16 versions

The role of institutions in the revival of trade: The law merchant, private judges, and the champagne fairs

[PDF] from indiana.edu
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PR Milgrom, DC North - Economics & Politics, 1990 - Wiley Online Library
Page 1. ECONOMICS AND POLITICS Volume 2 March 1990 0954- 1985 No. I THE
ROLE OF INSTITUTIONS IN THE REVIVAL OF TRADE: THE LAW MERCHANT,
PRIVATE JUDGES, AND THE CHAMPAGNE FAIRS PAUL ...
Cited by 1214 - Related articles - Library Search - All 14 versions

Rationalizability, learning, and equilibrium in games with strategic complementarities

[PDF] from uvm.edu
P Milgrom… - Econometrica: Journal of the Econometric Society, 1990 - JSTOR
We study a rich class of noncooperative games that includes models of oligopoly
competition, macroeconomic coordination failures, arms races, bank runs, technology
adoption and diffusion, R&D competition, pretrial bargaining, coordination in teams, and ...
Cited by 1208 - Related articles - Get it from MIT Libraries - Library Search - All 22 versions

Information, trade and common knowledge

[PDF] from nsd.edu.cn
P Milgrom… - Journal of Economic Theory, 1982 - Elsevier
Abstract In any voluntary trading process, if agents have rational expectations, then it is
common knowledge among them that the equilibrium trade is feasible and individually
rational. This condition is used to show that when risk-averse traders begin at a Pareto ...
Cited by 1109 - Related articles - Get it from MIT Libraries - All 16 versions

Monotone comparative statics

[PDF] from utexas.edu
P Milgrom… - Econometrica: Journal of the Econometric Society, 1994 - JSTOR
We derive a necessary and sufficient condition for the solution set of an optimization
problem to be monotonic in the parameters of the problem. In addition, we develop practical
methods for checking the condition and demonstrate its applications to the classical ...
Cited by 1076 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 20 versions

Auctions and bidding: A primer

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P Milgrom - The Journal of Economic Perspectives, 1989 - JSTOR
I do most of my work for a few builders that I've known for years. My estimates of what it will
cost to do a job for one of them come out about right. Sometimes a little high, sometimes low,
but about right overall. Occasionally, when business is slow, I bid on a big job for another ...
Cited by 920 - Related articles - All 37 versions

Limit pricing and entry under incomplete information: An equilibrium analysis

[PDF] from dklevine.com
P Milgrom… - Econometrica: Journal of the Econometric Society, 1982 - JSTOR
Limit pricing involves charging prices below the monopoly price to make new entry appear
unattractive. If the entrant is a rational decision maker with complete information, pre-entry
prices will not influence its entry decision, so the established firm has no incentive to ...
Cited by 883 - Related articles - Get it from MIT Libraries - Library Search - All 24 versions

Coordination, commitment, and enforcement: The case of the merchant guild

A Greif, P Milgrom… - Journal of political economy, 1994 - JSTOR
We interpret historical evidence in light of a repeated-game model to conclude that merchant
guilds emerged during the late medieval period to allow rulers of trade centers to commit to
the security of alien merchants. The merchant guild developed the theoretically required ...
Cited by 866 - Related articles - Get it from MIT Libraries - BL Direct - All 7 versions

Employment contracts, influence activities, and efficient organization design

[PDF] from stanford.edu
PR Milgrom - The Journal of Political Economy, 1988 - JSTOR
Page 1. Employment Contracts, Influence Activities, and Efficient Organization Design Paul R.
Milgrom Stanford University When changing jobs is costly, efficient employment contracts usually
fail to compensate workers for the effects of posthiring events and decisions. ...
Cited by 612 - Related articles - Get it from MIT Libraries - All 8 versions

Relying on the information of interested parties

[PDF] from stanford.edu
P Milgrom… - The RAND Journal of Economics, 1986 - JSTOR
We investigate the conventional wisdom that competition among interested parties
attempting to influence a decisionmaker by providing verifiable information elicits all relevant
information. We find that, if the decisionmaker is strategically sophisticated and well ...
Cited by 629 - Related articles - Get it from MIT Libraries - All 17 versions

Bargaining costs, influence costs, and the organization of economic activity

P Milgrom… - Perspectives on positive political …, 1990 - books.google.com
This chapter is concerned with the economics of organization and management, a relatively
new area of study that seeks to analyze the internal structure and workings of economic
organizations, the division of activity among these organizations, and the management of ...
Cited by 581 - Related articles - Library Search - All 7 versions

An economic approach to influence activities in organizations

[PDF] from unimedia.ac.id
P Milgrom… - American Journal of sociology, 1988 - JSTOR
Members of organizations spend considerable time, effort, and ingenuity attempting to
influence decision makers. Such influence activities may bring benefits to the organization,
but they also involve real costs. This essay offers an economic rationale for such influence ...
Cited by 516 - Related articles - Get it from MIT Libraries - All 6 versions

Rational expectations, information acquisition, and competitive bidding

[PDF] from stanford.edu
PR Milgrom - Econometrica: Journal of the Econometric Society, 1981 - JSTOR
Page 1. Econometrica, Vol. 49, No. 4 (July, 1981) RATIONAL EXPECTATIONS,
INFORMATION ACQUISITION, AND COMPETITIVE BIDDING BY PAUL R. MILGROM1
Most rational expectations market equilibrium models are ...
Cited by 430 - Related articles - Get it from MIT Libraries - All 16 versions

Short-term contracts and long-term agency relationships

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D Fudenberg, B Holmstrom… - Journal of economic theory, 1990 - Elsevier
Abstract Long-term contracts are valuable only if optimal contracting requires commitment to
a plan today that would not otherwise be adopted tomorrow. We show that commitments are
unnecessary, and hence short-term contracts are sufficient if (1) all public information can ...
Cited by 443 - Related articles - All 13 versions

[PDF] Ascending auctions with package bidding

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LM Ausubel, P Milgrom - Frontiers of theoretical economics, 2002 - cowles.econ.yale.edu
Abstract A family of ascending package auction models is introduced in which bidders may
determine their own packages on which to bid. In the proxy auction (revelation game)
versions, the outcome is a point in the core of the exchange economy for the reported ...
Cited by 434 - Related articles - View as HTML - All 48 versions

Envelope theorems for arbitrary choice sets

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P Milgrom… - Econometrica, 2002 - Wiley Online Library
2. Abstract The standard envelope theorems apply to choice sets with convex and
topological structure, providing sufficient conditions for the value function to be differentiable
in a parameter and characterizing its derivative. This paper studies optimization with ...
Cited by 419 - Related articles - BL Direct - All 40 versions

Organizational prospects, influence costs, and ownership changes

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M Meyer, P Milgrom… - Journal of Economics & …, 1992 - Wiley Online Library
We augment efficiency-based theories of ownership by including influence costs. Our
principal conclusion is that the prospect of organizational decline and layoffs creates
additional influence costs in multiunit organizations that would be absent if there was no ...
Cited by 415 - Related articles - Library Search - All 14 versions

Distributional strategies for games with incomplete information

[PDF] from stanford.edu
PR Milgrom… - Mathematics of Operations Research, 1985 - JSTOR
Page 1. MATHEMATICS OF OPERATIONS RESEARCH Vol. 10, No. 4, November 1985
Printed in USA DISTRIBUTIONAL STRATEGIES FOR GAMES WITH INCOMPLETE
INFORMATION*t PAUL R. MILGROMt AND ROBERT J. WEBER? ...
Cited by 352 - Related articles - Get it from MIT Libraries - All 20 versions

Regulating trade among agents

[PDF] from gu.se
B Holmström, P Milgrom - … of Institutional and Theoretical Economics (JITE) …, 1990 - JSTOR
Using a linear incentive model, the paper assesses the benefits and costs of agent side-
contracting. Side-contracts enable agents to cooperate more effectively, provided they share
information the principal does not have. Cooperation is useful when there is a need to ...
Cited by 348 - Related articles - Get it from MIT Libraries - All 6 versions

Adaptive and sophisticated learning in normal form games

[PDF] from dklevine.com
P Milgrom… - Games and economic Behavior, 1991 - Elsevier
Abstract In a class of games including some Cournot and Bertrand games, a sequence of
plays converges to the unique Nash equilibrium if and only if the sequence is “consistent
with adaptive learning” according to the new definition we propose. In the Arrow-Debreu ...
Cited by 313 - Related articles - Get it from MIT Libraries - All 7 versions

[PDF] Auction theory

[PDF] from yale.edu
P Milgrom - Advances in Economic Theory: Fifth World …, 1987 - dido.econ.yale.edu
As impressive as the historical longevity of auctions is the remarkable range of situations in
which they are currently used. There are auctions for livestock, a commodity for which many
close substitutes are available. There are also auctions for rare and unusual items like ...
Cited by 313 - Related articles - All 11 versions

Comparing equilibria

[PDF] from utl.pt
P Milgrom… - The American Economic Review, 1994 - JSTOR
We develop an ordinal approach to comparing the equilibria of economic models. Its main
advantages over the traditional approach based on signing derivatives are that (i) it utilizes
only a subset of the assumptions, resulting in a simpler theory that facilitates focusing ...
Cited by 279 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 13 versions

[BOOK] Economics, organization and management

P Milgrom… - 1992 - en.scientificcommons.org
Abstract Obra en que se conjugan los puntos de vista económico y administrativo para
explicar los procesos directivos de las empresas. Este tratamiento unificado permite
reconocer y analizar la complejidad de los procesos administrativos; permite, a su vez, ...
Cited by 5493 - Related articles - Cached - Get it from MIT Libraries - Library Search - All 4 versions

The limited influence of unemployment on the wage bargain

[PDF] from usw1440.com
RE Hall… - 2005 - nber.org
Page 1. NBER WORKING PAPER SERIES THE LIMITED INFLUENCE OF
UNEMPLOYMENT ON THE WAGE BARGAIN Robert E. Hall Paul R. Milgrom Working
Paper 11245 http://www.nber.org/papers/w11245 NATIONAL BUREAU ...
Cited by 226 - Related articles - Library Search - All 26 versions

Competitive bidding and proprietary information

[PDF] from 128.36.236.35
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R Engelbrecht-Wiggans, PR Milgrom… - Journal of Mathematical …, 1983 - Elsevier
Cited by 220 - Related articles - All 21 versions

[CITATION] Instructor&s manual [for] Economics, organization and management

PR Milgrom… - 1992 - Prentice-Hall Internat.
Cited by 208 - Related articles - Get it from MIT Libraries

Information and timing in repeated partnerships

[PDF] from dklevine.com
D Abreu, P Milgrom… - Econometrica: Journal of the Econometric …, 1991 - JSTOR
In a repeated partnership game with imperfect monitoring, we distinguish among the effects
of (1) reducing the interest rate,(2) shortening the period over which actions are held fixed,
and (3) shortening the lag with which accumulated information is reported. All three ...
Cited by 207 - Related articles - Get it from MIT Libraries - Library Search - All 18 versions

Complementarities, momentum, and the evolution of modern manufacturing

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P Milgrom, Y Qian… - The American Economic Review, 1991 - JSTOR
Today, the high-tech industries include computers, telecommunications, and electronics.
Working on our remarkably powerful computers (even as they rapidly become obsolete), co-
authoring papers by electronic mail and fax, and conversing on our portable cellular ...
Cited by 201 - Related articles - All 14 versions

Matching with contracts

[PDF] from stanford.edu
JW Hatfield… - American Economic Review, 2005 - JSTOR
... workers * Hatfield: Graduate School of Business, Stanford Uni- versity, Stanford, CA
94305 (e-mail: hatfield@stanford. edu); Milgrom: Department of Economics, Stanford
University, Stanford, CA 94305 (e-mail: paul@milgrom. net). ...
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Job discrimination, market forces, and the invisibility hypothesis

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P Milgrom, S Oster - The Quarterly Journal of Economics, 1987 - qje.oxfordjournals.org
Abstract The Invisibility Hypothesis holds that the job skills of disadvantaged workers are not
easily discovered by potential new employers, but that promotion enhances visibility and
alleviates this problem. Then, at a competitive labor market equilibrium, firms profit by ...
Cited by 191 - Related articles - All 11 versions

[PDF] A theory of hierarchies based on limited managerial attention

[PDF] from mtas.ru
J Geanakoplos… - Journal of the Japanese and International …, 1991 - mtas.ru
Journal of Economic Literature Classification Numbers 610, 026, 027. th<» cfurï'pr*» cr\
iitv*<» ic nrtt infrwf «atir\ Ti. it îc rawAccinn... 111%.. jv-luvw ivuvuivv. w 1141 UUVllllUllVll, 11
1J|/IWVJOUIg capacity to attend to information. Attention is the chief bottleneck in ...
Cited by 189 - Related articles - Get it from MIT Libraries - All 15 versions

Economic theories of the firm: past, present, and future

[PDF] from sfu.ca
P Milgrom… - Canadian Journal of Economics, 1988 - JSTOR
We explore the current state of the theory of the firm, with attention to its historical origins.
Answers to the crucial theoretical question of why an organization controlled by a central
authority cannot always duplicate the performance of a decentralized organization are ...
Cited by 176 - Related articles - Get it from MIT Libraries - All 7 versions

The value of information in a sealed-bid auction

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P Milgrom… - Journal of Mathematical Economics, 1982 - Elsevier
Abstract In this paper, we explore bidders' incentives to gather information in auctions, when
there is one bidder with only public information and another with some private information.
We find that the bidder with only public information makes no profit at equilibrium, while ...
Cited by 177 - Related articles - All 14 versions

A convergence theorem for competitive bidding with differential information

[PDF] from stanford.edu
PR Milgrom - Econometrica: Journal of the Econometric Society, 1979 - JSTOR
Page 1. Econometrica, Vol. 47, No. 3 (May, 1979) A CONVERGENCE THEOREM
FOR COMPETITIVE BIDDING WITH DIFFERENTIAL INFORMATION BY PAUL R.
MILGROM1 This paper investigates the behavior of the winning ...
Cited by 156 - Related articles - Get it from MIT Libraries - Library Search - All 9 versions

An axiomatic characterization of common knowledge

[PDF] from cenet.org.cn
P Milgrom - Econometrica: Journal of the Econometric Society, 1981 - JSTOR
INTUITIVELY, AN EVENT A is common knowledge among a group of agents if each agent
knows A, each knows that all know A, each knows that all know that all know A, etc. In this
case, the" etc." encompasses an infinite sequence of conditions, each more stringent than ...
Cited by 159 - Related articles - Get it from MIT Libraries - All 11 versions

[CITATION] A theory of auctions and competitive bidding

PR Milgrom… - Readings in applied microeconomic …, 2000 - Wiley-Blackwell
Cited by 135 - Related articles - BL Direct - All 2 versions

The economics of competitive bidding: a selective survey

[PDF] from stanford.edu
PR Milgrom - Social goals and social organization: Essays in …, 1985 - books.google.com
Page 281. CHAPTER 9 The economics of competitive bidding: a selective survey
Paul R. Milgrom 1 Introduction In Western economies, a wide variety of institutions
have emerged for determining prices and conducting trade. ...
Cited by 134 - Related articles - All 3 versions

[CITATION] Is sympathy an economic value? Philosophy, economics, and the contingent valuation method

P Milgrom - Contingent valuation: A critical Assessment, 1993 - emeraldinsight.com
... Document Information: Title: IS SYMPATHY AN ECONOMIC VALUE?: PHILOSOPHY,
ECONOMICS, AND THE CONTINGENT VALUATION METHOD. Author(s): PAUL MILGROM.
Volume: 220 Editor(s): Jerry A. Hausman ISBN : 978-0-44481-469-2. ...
Cited by 131 - Related articles - All 2 versions

Informational asymmetries, strategic behavior, and industrial organization

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P Milgrom… - The American Economic Review, 1987 - JSTOR
One of the most active and exciting areas of economic research over the last several years
has been the use of noncooperative games of incomplete information to model industrial
competition. This work has yielded not only a remarkable number of papers but also ...
Cited by 116 - Related articles - All 10 versions

Communication and inventory as substitutes in organizing production

[PDF] from stanford.edu
P Milgrom… - The Scandinavian Journal of Economics, 1988 - JSTOR
A major organizational design decision for manufacturing firms is the extent to which
production should be to stock versus to order: inventories and communication with
customers are substitutes. We show that profits are convex in the share of the market ...
Cited by 112 - Related articles - Get it from MIT Libraries - All 7 versions

Complementarities and systems: Understanding Japanese economic organization

[PDF] from stanford.edu
P Milgrom… - Estudios Economicos, 1994 - JSTOR
El comportamiento de la economía japonesa en los últimos cuarenta y cinco años es un
caso sin precedente en la historia de la humanidad, al pasar del colapso inminente de la
posguerra a ser una de las más ricas y productivas del mundo. El propósito del presente ...
Cited by 104 - Related articles - Get it from MIT Libraries - All 9 versions

The efficiency of equity in organizational decision processes

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P Milgrom… - The American Economic Review, 1990 - JSTOR
It is now widely accepted that rent-seeking (Anne Krueger, 1974) or directly unproductive
profit seeking (Jagdish Bhagwati, 1982) may cause inefficiencies in the context of public
sector decisions. The possibility that government decisions (for example, about taxes, ...
Cited by 97 - Related articles - All 12 versions

[PDF] The promise of prediction markets

[PDF] from arlingtoneconomics.com
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KJ Arrow, R Forsythe, M Gorham… - … -NEW YORK THEN …, 2008 - arlingtoneconomics.com
Information revelation through time. Data are from the Iowa Electronic Markets for markets
predicting the two-party vote shares from the 1988, 1992, 1996, and 2000 presidential
elections (19). The vertical axis plots the average absolute difference between the market ...
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[CITATION] Auction theory for privatization

P Milgrom - Unpublished manuscript, Stanford University, 2001
Cited by 66 - Related articles

[CITATION] Roberts J.(1992)

P Milgrom - Economics, organization and management
Cited by 65 - Related articles

[PDF] The real output of the stock exchange

[PDF] from nber.org
TF Bresnahan, P Milgrom… - 1992 - nber.org
A stock analyst, unhappy with his job, went to lunch with an officer of a competing pension
fund. The analyst made his case carefully, explaining which of his material was being
ignored, and what lesser material from others was guiding actual trading. The officer, who ...
Cited by 54 - Related articles - View as HTML - All 8 versions

The LeChatelier Principle

[PDF] from stanford.edu
P Milgrom… - The American Economic Review, 1996 - JSTOR
The LeChatelier principle, in the form introduced into economics by Paul A. Samuelson,
asserts that at a point of long-run equilibrium, the derivative of long-run compensated
demand with respect to own price is larger in magnitude than the derivative of short-run ...
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Advances in routing technologies and Internet peering agreements

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S Besen, P Milgrom, B Mitchell… - The American Economic …, 2001 - JSTOR
SpulTed by improvements in routing technology, the architecture of the Internet is evolving.
Until recently, nearly all routing took place through parallel hierarchies, in which each core
Internet service provider (ISP) at the top of its own hierarchy provided other core ISP's with ...
Cited by 52 - Related articles - BL Direct - All 35 versions

[PDF] Coalition-proofness and correlation with arbitrary communication possibilities

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P Milgrom… - Games and Economic Behavior, 1996 - stanford.edu
A common justification for focusing on Nash equilibria as solutions of games is based on
interpreting each equilibrium as a potential selfenforcing agreement or contract: An
equilibrium strategy profile has the property that, once it has been agreed upon, no player ...
Cited by 51 - Related articles - BL Direct - All 7 versions

Comparing optima: Do simplifying assumptions affect conclusions?

[PDF] from cenet.org.cn
P Milgrom - Journal of Political Economy, 1994 - JSTOR
Consider a family of maximization models in which the optimum trades off beneficial and
costly effects. Then comparative statics derived under many kinds of simplifying assumptions
about the benefits technology are also true for general (convex and nonconvex) ...
Cited by 49 - Related articles - Get it from MIT Libraries - BL Direct - All 9 versions

Game theory and the spectrum auctions

Full text - MIT Libraries
P Milgrom - European Economic Review, 1998 - Elsevier
The year 1994 witnessed the introduction of the `simultaneous ascending auction' – a new kind
of auction designed to improve the allocation of high-value resources compared to more traditional
auctions. The new auction was used first in the United States, where it was applied to the ...
Cited by 48 - Related articles - All 6 versions

Simplified mechanisms with an application to sponsored-search auctions

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P Milgrom - Games and Economic Behavior, 2010 - Elsevier
A mechanism can be simplified by restricting its message space. If the restricted message
spaces satisfy a certain “outcome closure property,” then the simplification is “tight”: for every
ε⩾ 0, any ε-Nash equilibrium of the simplified mechanism is also an ε-Nash equilibrium of ...
Cited by 49 - Related articles - All 26 versions

Package auctions and exchanges

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P Milgrom - Econometrica, 2007 - Wiley Online Library
We report recent advances concerning the package allocation problem, in which traders
seek to buy or sell combinations of goods. The problems are most difficult when some goods
are not substitutes. In that case, competitive equilibrium typically fail to exist but the core is ...
Cited by 49 - Related articles - BL Direct - All 16 versions

What the Seller Won't Tell You: Persuasion and Disclosure in Markets

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P Milgrom - The Journal of Economic Perspectives, 2008 - JSTOR
What kinds of regulations are likely to be most helpful, and when? It is not only in the
financial investment sphere that buyers rely on sellers to supply information. For example,
suppose that you are buying a new furnace to replacean old one that is not working well. ...
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[PDF] Procuring universal service: Putting auction theory to work

[PDF] from stanford.edu
P Milgrom - Lecture at the Royal Swedish Academy of Sciences, 1996 - stanford.edu
I first met William Vickrey inNarita Airport outside Tokyo in 1992. He was on his way back to
the United States from China, where, in typical Vickrey fashion, he was using novel
theoretical ideas to advise a government about its economic policy, hoping to make Ufe ...
Cited by 43 - Related articles - All 13 versions

[BOOK] Competitive effects of internet peering policies

[PDF] from stanford.edu
P Milgrom, BM Mitchell… - 2000 - books.google.com
This chapter analyzes two kinds of Internet interconnection arrangements: peering
relationships between core Internet Service Providers (ISPs) and transit sales by core ISPs
to other ISPs. Core backbone providers jointly produce an intermediate output—full ...
Cited by 37 - Related articles - Get it from MIT Libraries - All 2 versions

[CITATION] Continuous adjustment and fundamental change in business strategy and organization

P Milgrom… - Trends in business organization: do participation and …, 1995
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Complementarities in the transition from socialism: A firm-level analysis

S Gates, P Milgrom… - Reforming Asian socialism: the …, 1996 - books.google.com
Most descriptions of economic reform in the former communist economies describe the
benefits of the various reform elements in a piecemeal way. Thus, private ownership of a firm
increases the incentive to produce highly valued outputs, to economize on inputs, and to ...
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[BOOK] Economía, organización y gestión de la empresa

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PR Milgrom, J Roberts… - 1993 - revecap.com
Page 1. E A Revista de Economía Aplicada Número 3 (vol. 1). 1993, págs. 203 a 207 Paul
Milgrom y John Roberts Economía, organización y gestión de la empresa Barcelona, Ariel, 1993
ANTONIO SERRA RAMONEDA Universidad Autónoma de Barcelona ...
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[CITATION] The Economics of Modern Manufacturing: Products, Technology and Organization

PR Milgrom… - 1988 - Graduate School of Business, …
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[CITATION] The structure of information in competitive bidding

PR Milgrom - 1979 - getcited.org
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A theory of hierarchies based on limited managerial attention

J Geanakoplos… - Cowles Foundation Discussion …, 1988 - ideas.repec.org
... Statistics. Author Info. John Geanakoplos () (Cowles Foundation, Yale University)
Paul R. Milgrom (Stanford University) Additional information is available for the
following registered author(s): Paul Milgrom. Abstract. Our purpose ...
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[HTML] Putting auction theory to work: The simultaneous ascending auction

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P Milgrom - Journal of Political Economy, 1999 - elibrary.worldbank.org
Abstract: September 1998Economic theory was used in designing the" simultaneous
ascending auction," which was introduced in 1994 to sell US radio spectrum licenses. But in
designing real auctions there are important practical questions for which current economic ...
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[CITATION] Bargaining Costs

P Milgrom… - Influence Costs, and, 1990
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[PDF] New Theories of Predatory Pricing1

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P Milgrom… - Industrial structure in the new industrial …, 1990 - stanford.edu
With the approach of 1992, when EEC regulations will prevail in any Common Market
member not having its own national competition policy, antitrust issues have become a
subject of immediate interest in a number of European countries. At the same time, ...
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[PDF] An economist's vision of the b-to-b marketplace

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P Milgrom - An Executive White Paper, Perfect. com, 2000 - stanford.edu
Paul Milgrom is a distinguished Professor of Economics at Stanford and Harvard, a world-
renowned expert in auction dynamics, and Chief Economist of Perfect. Paul is the co-
inventor of both Perfect's technology, and the simultaneous ascending auction, variations ...
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[CITATION] Roberts J.(1992) Economics, organization and management

P Milgrom - Englewood-Cliffs, NJ: Prentice Hall
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[PDF] Auctions, matching and the law of aggregate demand

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J Hatfield… - American Economic Review, forthcoming, 2005 - Citeseer
Abstract. We develop a model of matching with contracts which incorporates, as special
cases, the college admissions problem, the Kelso-Crawford labor market matching model,
and ascending package auctions. We introduce a new “law of aggregate demand” for the ...
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[CITATION] The Merchant Gild as a Nexus of Contracts

A Greif, PR Milgrom, BR Weingast… - 1990 - John M. Olin Program in Law and …
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Winning play in spectrum auctions

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J Bulow, J Levin… - 2009 - nber.org
We describe factors that make bidding in large spectrum auctions complex--including
exposure and budget problems, the role of timing within an ascending auction, and the
possibilities for price forecasting--and how economic and game-theoretic analysis can ...
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Assignment messages and exchanges

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P Milgrom - American Economic Journal: Microeconomics, 2009 - ingentaconnect.com
Abstract:“Assignment messages” are maximally general messages to describe substitutable
preferences by means of a linear program. With “integer assignment messages,” there exist
integer-valued Walrasian allocations, extending a result of Lloyd S. Shapley and Martin ...
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[CITATION] 'Measuring the Interest Rate Risk

PR Milgrom - Transactions of the Society of Actuaries, 1985
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[CITATION] Bargaining Costs, Influence Costs and the Organization of Economic Activty

PR Milgrom… - 1988
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Axelrod's" The Evolution of Cooperation"

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PR Milgrom - The RAND Journal of Economics, 1984 - JSTOR
Page 1. Rand Journal of Economics Vol. 15, No. 2, Summer 1984 Axelrod's The
Evolution of Cooperation Paul R. Milgrom* * Most economists who have studied
the behavior of firms have at one time or another wrestled with ...
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[BOOK] Economie, organisation et management

P Milgrom… - 1997 - books.google.com
La théorie économique de la firme s' est considérablement renouvelée et a grandement
élargi son champ d'application, ces dernières années. Parmi les théories ayant contribué à
ce renouvellement, citons la théorie des contrats, la théorie de l'information, les différentes ...
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[CITATION] Complementarities and Fit: Strategy

P Milgrom… - Structure, and, 1995
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[CITATION] Common agency and exclusive dealing

B Holmström, P Milgrom - Yale School of Management, Connecticut. Processed, 1988
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[CITATION] Economia, organizzazione e management

PR Milgrom, J Roberts… - 1995 - Il mulino
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[CITATION] North, and Barry R. Weingast. 1990.“The Role of Institutions in the Revival of Trade.”

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PR Milgrom… - Economics and Politics
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[CITATION] An economist's vision of the B-to-B marketplace. Executive white paper

P Milgrom - Perfect. com, 2000
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[CITATION] Benefit-cost analysis, bounded rationality and the contingent valuation method

P Milgrom - 1992 - September
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The economics of modern manufacturing: reply

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P Milgrom… - The American Economic Review, 1995 - JSTOR
In our 1990 paper (Milgrom and Roberts, 1990a), we offered a model of a manufacturing firm
that selects a large number of human-resource, manufacturing, marketing, and
organizational policy variables. We then sought to develop a set of assumptions under ...
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[PDF] Adverse selection without hidden information

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P Milgrom - 1987 - escholarship.org
Abstract The usual distinction between “hidden action" and" hidden inicrmation" problems is
criticized. The criticism is fonnded partly__qn_p113; § ly, _l9s1i §§§ L_<.. L=; 9E¥! §§ o1o,
ooBaI111? na review 5h '"'i1 “-9 11" the received literature can be bestéE “E£ &é£ § £ ...
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Economics, Organization

P Milgrom… - Management, 1991 - nek.uu.se
The required textbook for this course is "Managerial Economics and Organization" by Zoltan
J. Acs and Daniel A. Gerlowski (A&G). Students may also read “Economics, Organization and
Management” by Paul Milgrom and John Roberts, but it is not required.
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[CITATION] Economics, management and organization

P Milgrom… - 1992 - Englewood Cliffs
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Statement on prediction markets

K Arrow, S Sunder, R Forsythe, R Litan… - AEI-Brookings Joint …, 2007 - papers.ssrn.com
Abstract: Prediction markets are markets for contracts that yield payments based on the
outcome of an uncertain future event, such as a presidential election. Using these markets
as forecasting tools could substantially improve decision making in the private and public ...
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[CITATION] Roberts J.(1990), Bargaining Costs, Influence Costs, and the Organization of Economic Activity

P Milgrom - Alt J.-Shepsle K.(a cura di), Perspectives on Positive …, 1992
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[CITATION] Putting auction theory to work. 2004

PR Milgrom - Guideline to Auction Design, 2004
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[CITATION] Employment contracts, influence activities, and efficient organizational design

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M Paul - Journal of Political Economy, 1988
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