Paul Milgrom

Stanford University
Department of Economics
579 Serra Mall
Stanford, CA 94305-6072

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NBER Working Papers and Publications

September 2017Market Design
with Steven Tadelis
in Economics of Artificial Intelligence, Ajay K. Agrawal, Joshua Gans, and Avi Goldfarb, editors
March 2009Winning Play in Spectrum Auctions
with Jeremy Bulow, Jonathan Levin: w14765
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 assist bidders in overcoming these problems. We illustrate with the case of the FCC's Advanced Wireless Service auction, in which a new entrant, SpectrumCo, faced all these problems yet managed to purchase nationwide coverage at a discount of roughly a third relative to the prices paid by its incumbent competitors in the same auction, saving more than a billion dollars.
April 2005The Limited Influence of Unemployment on the Wage Bargain
with Robert E. Hall: w11245
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 job-seeker's threat point in the bargain is to delay bargaining, not to terminate bargaining and resume search at other employers. Similarly, the employer's threat point is to delay bargaining, not to terminate it. Consequently, the outcome of the bargain depends on the relative costs of delay to the parties, not on the results of irrational threats to disclaim any bargain. In a model of the labor market that otherwise adopts all of the features of the standard Mortensen-Pissarides model, unemployment is much more sensitive to changes in productivity than in the standard model, because feedback throu...

Published: Hall, Robert E. and Paul R. Milgrom. "The Limited Influence of Unemployment on the Wage Bargain." American Economic Review 98,4 (September 2008): 1653-1674. citation courtesy of

January 1992The Real Output of the Stock Exchange
with Timothy F. Bresnahan, Jonathan Paul
in Output Measurement in the Service Sectors, Zvi Griliches, editor
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