Bid, ask and transaction prices in a specialist market with heterogeneously informed traders
- L. Glosten, Paul R. Milgrom
- Economics
- 1 March 1985
A theory of auctions and competitive bidding
- Paul R. Milgrom, R. Weber
- Economics
- 1 September 1982
Abstract : In Section 2, we review some important results of the received auction theory, introduce a new general auction model, and summarize the results of our analysis. Section 3 contains a formal…
Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design
- Bengt Holmstrom, Paul R. Milgrom
- Economics
- 1991
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…
AGGREGATION AND LINEARITY IN THE PROVISION OF INTERTEMPORAL INCENTIVES
- Bengt Holmstrom, Paul R. Milgrom
- Economics
- 1 March 1987
The authors develop two themes in the theory of incentive schemes. First, one need not always use all of the information available in an optimal incentive contract. Accounting information, which…
Good News and Bad News: Representation Theorems and Applications
- Paul R. Milgrom
- Economics
- 1981
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. In the equilibria of these…
Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities
- Paul R. Milgrom, John Roberts
- Economics
- 1 November 1990
The authors study a rich class of noncooperative games that includes models of oligopoly competition, macroeconomic coordination failures, arms races, bank runs, technology adoption and diffusion,…
Economics, Organization and Management
- Paul R. Milgrom, John Roberts
- Economics
- 11 February 1992
A systematic treatment of the economics of the modern firm, this book draws on the insights of a variety of areas in modern economics and other disciplines, but presents a coherent, consistent,…
The Limited Influence of Unemployment on the Wage Bargain
- R. Hall, Paul R. Milgrom
- Economics
- 1 April 2005
When a job-seeker and an employer meet, find a prospective surplus, and bargain over the wage, conditions in the outside labor market, including especially unemployment, may be irrelevant. The…
The Economics of Modern Manufacturing: Technology, Strategy, and Organization
- Paul R. Milgrom, John Roberts
- Business, Economics
- 1990
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…
Putting Auction Theory to Work
- Paul R. Milgrom
- Economics
- 12 January 2004
This book provides a comprehensive introduction to modern auction theory and its important new applications and explores the tension between the traditional theory of auctions with a fixed set of bidders and the theory of Auction with endogenous entry, in which bidder profits must be respected to encourage participation.
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