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  • July 2021
  • Article

Discovering Auctions: Contributions of Paul Milgrom and Robert Wilson
By: Alex Teytelboym, Shengwu Li, Scott Duke Kominers, Mohammad Akbarpour and Piotr Dworczak
The 2020 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Paul R. Milgrom and Robert B. Wilson for “improvements to auction theory and inventions of new auction formats.” In this survey article, we review the contributions of the...  View Details
Keywords: Economics; Auctions; Theory; Design
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  • March 2021
  • Article

The Impact of the General Data Protection Regulation on Internet Interconnection
By: Ran Zhuo, Bradley Huffaker, KC Claffy and Shane Greenstein
The Internet comprises thousands of independently operated networks, where bilaterally negotiated interconnection agreements determine the flow of data between networks. The European Union’s General Data Protection Regulation (GDPR) imposes strict restrictions on...  View Details
Keywords: Personal Data; Privacy Regulation; GDPR; Interconnection Agreements; Internet; Governing Rules, Regulations, and Reforms
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  • January 2021
  • Teaching Note

Maritz Automotive
By: Ashley V. Whillans and Lamar Pierce
This case focuses on Charlotte Blank, the Chief Behavioral Officer at Maritz, as she tries to assist a major automotive manufacturer (CarCo) with increasing their sales by prepaying monthly bonuses to independently franchised car dealers and clawing them back if the...  View Details
Keywords: Loss-framing; Sales; Performance Improvement; Compensation and Benefits; Motivation and Incentives; Behavior; Theory; Auto Industry
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  • December 2020
  • Article

The Parable of the Auctioneer: Complexity in Paul R. Milgrom's Discovering Prices
By: Scott Duke Kominers and Alexander Teytelboym
Designing marketplaces in complex settings requires both novel economic theory and real-world engineering, often drawing upon ideas from fields such as computer science and operations research. In Discovering Prices, Milgrom (2017) explains the theory and design...  View Details
Keywords: Pricing; Design; Auctions; Market Design; Complexity
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 3 Transaction Free Zones
By: Carliss Y. Baldwin
In Chapter 2 we saw that the most economical locations for transactions in a task network are the so-called thin crossing points—places where transfers are easy to define, count and pay for. However, in many places in the task network, transfers of material, energy,...  View Details
Keywords: Modularity; Technology; Organizations
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  • 2020
  • Working Paper

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Ecosystems and Complementarities
By: Carliss Y. Baldwin
The purpose of this chapter is to introduce two new building blocks to the theory of how technology shapes organizations. The first is a new layer of organization structure: a business “ecosystem.” The second is the economic concept of “complementarity.” Ecosystems are...  View Details
Keywords: Business Ecosystems; Complementarity; Modularity; Technology; Organizations
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  • Article

Foreign Competition and Domestic Innovation: Evidence from U.S. Patents
By: David Autor, David Dorn, Gordon H. Hanson, Gary P. Pisano and Pian Shu
Manufacturing accounts for more than three-quarters of U.S. corporate patents. The competitive shock to this sector emanating from China's economic ascent could in theory either augment or stifle U.S. innovation. Using three decades of U.S. patents matched to corporate...  View Details
Keywords: Patents; Production; Trade; Competition; Innovation and Invention; United States
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  • Summer 2020
  • Article

Tech Clusters
By: William R. Kerr and Frederic Robert-Nicoud
Tech clusters like Silicon Valley play a central role for modern innovation, business competitiveness, and economic performance. This paper reviews what constitutes a tech cluster, how they function internally, and the degree to which policy makers can purposefully...  View Details
Keywords: Clusters; Agglomeration; Innovation; Industry Clusters; Innovation and Invention; Entrepreneurship; Patents
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  • 2020
  • Chapter

Foreign Direct Investment, Finance and Economic Development
By: Laura Alfaro and Jasmina Chauvin
Research has sought to understand how foreign direct investment affects host economies. This paper reviews the empirical literature, specifically addressing the question: How does FDI affect economic development of host countries and what is the role of local financial...  View Details
Keywords: Foreign Direct Investment; Developing Countries and Economies; Financial Condition; Development Economics
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  • 2020
  • Working Paper

Tech Clusters
By: William R. Kerr and Frederic Robert-Nicoud
Tech clusters like Silicon Valley play a central role for modern innovation, business competitiveness, and economic performance. This paper reviews what constitutes a tech cluster, how they function internally, and the degree to which policy makers can purposefully...  View Details
Keywords: Clusters; Agglomeration; Innovation; Industry Clusters; Innovation and Invention; Entrepreneurship; Patents
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  • 2019
  • Working Paper

The Impact of the General Data Protection Regulation on Internet Interconnection
By: Ran Zhuo, Bradley Huffaker, KC Claffy and Shane Greenstein
The Internet comprises thousands of independently operated networks, where bilaterally negotiated interconnection agreements determine the flow of data between networks. The European Union’s General Data Protection Regulation (GDPR) imposes strict restrictions on...  View Details
Keywords: Personal Data; Privacy Regulation; GDPR; Interconnection Agreements; Internet; Governing Rules, Regulations, and Reforms; European Union
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  • 2020
  • Working Paper

Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
The U.S. residential real estate agency market presents a puzzle for economic theory: commissions on real estate transactions have remained high for decades even though entry is frequent and costs are low. We model the real estate agency market, and other brokered...  View Details
Keywords: Real Estate; ＂Repeated Games＂; Collusion; Antitrust; Brokered Markets; Game Theory; Real Estate Industry
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  • September 2019 (Revised February 2020)
  • Teaching Note

Commonwealth Bank of Australia: Unbanklike Experimentation
By: Ryan W. Buell and Leslie K. John
Email mking@hbs.edu for a courtesy copy.

This Teaching Note explains the theory of the case and teaching plan for the case: Commonwealth Bank of Australia: Unbanklike Experimentation (619-018). In August 2017,...  View Details
Keywords: Transparency; Experimentation; Banks and Banking; Credit Cards; Customer Focus and Relationships; Competitive Strategy; Banking Industry; Australia
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  • 2019
  • Working Paper

On the Economic Origins of Restrictions on Women’s Sexuality
By: Anke Becker
This paper studies the origins and function of customs aimed at restricting women's sexuality, such as a particularly invasive form of female genital cutting, restrictions on women's freedom of mobility, and norms about their sexual behavior. The analysis tests the...  View Details
Keywords: Female Sexuality; Pastoralism; Economic Anthropology
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  • July–August 2019
  • Article

Coupling Labor Codes of Conduct and Supplier Labor Practices: The Role of Internal Structural Conditions
By: Yanhua Bird, Jodi L. Short and Michael W. Toffel
Exploitive working conditions have spurred companies to pressure their suppliers to adopt labor codes of conduct and to conform their labor practices to the standards set forth in those codes. Yet little is known about whether organizational structures such as codes...  View Details
Keywords: Organization Theory; Economic Sociology; Social Responsibility; Sustainability; Auditing; Process Improvement; Organizational Structure; Corporate Social Responsibility and Impact; Supply Chain; Labor; Working Conditions
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  • 2020
  • Working Paper

To Infinity and Beyond: Scaling Economic Theories via Logical Compactness
By: Yannai A. Gonczarowski, Scott Duke Kominers and Ran I. Shorrer
Many economic-theoretic models incorporate finiteness assumptions that, while introduced for simplicity, play a real role in the analysis. Such assumptions introduce a conceptual problem, as results that rely on finiteness are often implicitly nonrobust; for example,...  View Details
Keywords: Markets; Analysis; Game Theory
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  • 2019
  • Chapter

A Claim to Own Productive Property
By: Nien-hê Hsieh
BOOK ABSTRACT: The status of economic liberties remains a serious lacuna in the theory and practice of human rights. Should a minimally just society protect the freedoms to sell, save, profit, and invest? Is being prohibited to run a business a human rights violation?...  View Details
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  • 2019
  • Working Paper

Rehabilitating Corporate Purpose
By: Malcolm S. Salter
In this paper, I address how the ascendance of the theory of shareholder value maximization into the central consciousness of public corporations and its canonization as the only legitimate expression of corporate purpose has contributed to both a widening breach...  View Details
Keywords: Capitalism; Justice; Corporate Purpose; Shareholder Value Maximization; Ethical Reciprocity; Economic Systems; Business Ventures; Mission and Purpose; Ethics; Corporate Social Responsibility and Impact
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  • 2020
  • Working Paper

Transaction Cost Economics in the Digital Economy: A Research Agenda
By: Frank Nagle, Robert Seamans and Steve Tadelis
Transaction Cost Economics (TCE) theory has played an important role in understanding when it is more efficient for a transaction between two parties to occur within the market or within an organization. However, as more transactions occur in a digitally-mediated...  View Details
Keywords: Transaction Cost Economics; Digital Economy; Digital Transformation; Economics; Cost; Markets; Research
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  • December 2018 (Revised June 2020)
  • Case

Creating the French Behavioral Insights Team
By: Michael Luca, Ariella Kristal and Emilie Billaud
This case explores how neuroscientist Mariam Chammat helped set up the first behavioral insights team at the center of the French government, and encouraged French administrations to innovate and create policy initiatives based on psychological theories of influence...  View Details
Keywords: Choice Architecture; Behavioral Economics; Experiments; Negotiation; Decision Making; Economics; Taxation; Entrepreneurship; Consumer Behavior; Public Administration Industry; Europe; France; Paris
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