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Securities Markets

  1. Information, Trade and Common Knowledge (with Nancy Stokey), Journal of Economic Theory, 26, 1982, 17‑27.
  2. Private Information in an Auction‑Like Securities MarketAuctions, Bidding and Contracting: Uses and Theory, edited by R. Engelbrecht‑Wiggans, M. Shubik and R. Stark, New York: New York University Press, New York, 1983.
  3. Bid, Ask and Transactions Prices in a Specialist Market with Insider Trading (with Larry Glosten), Journal of Financial Economics, 14, 1985, 71‑100.
    • Reprinted in Financial Intermediaries, Mervyn Lewis (ed), London: Edward Elgar Publishing, 1984.
    • Reprinted in Microstructure: The Organization of Trading and Short Term Price Behavior, edited by Hans R Stoll, London: Edward Elgar Publishing, 1999.
  4. The Real Output of the Stock Exchange (with Timothy F. Bresnahan and Jonathan Paul), Output Measurement in the Services Sectors, edited by Zvi Griliches, 1992, 195-216.

Latest News

Dec 9 2020
In this pandemic year, Paul Milgrom and Bob Wilson received their Nobel prize medals and diplomas in an abbreviated ceremony in Paul's backyard on the morning of December 8. The discussion quickly turned to the sheer number of "firsts" associated with this Nobel prize in economics. It was the first...
Nov 5 2020
The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Paul Milgrom and Robert Wilson "for improvements to auction theory and invention of new auction formats." As explained in the prize announcement, the prize is awarded annually by the Royal Swedish...
The American Economic Association has named Paul Milgrom a Distinguished Fellow, which is the associations highest honor for lifetime achievement. According to the award citation, Milgrom "is the world’s leading auction designer, having helped design many of the auctions for radio spectrum...