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Author: Patrick Bolton

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Theoretical Economics Paper

Ownership and Managerial Competition: Employee, Customer, or Outside Ownership

Patrick Bolton and Chenggang Xu

This paper centres around the question of ownership of firms and managerial competition and how these affect manager and employees' incentives to invest in human capital. We argue that employee's incentives in human capi...Read more...

March 2001

Theoretical Economics Paper

Strategic Experimentation - (Now published in 'Econometrica',(March 1999).

Patrick Bolton and Christopher Harris

This paper extends the classic two-armed bandit problem to a many-agent setting in which N players each face the same experimentation problem. The difference with the single-agent problem is that agents can now learn fro...Read more...

1993

Theoretical Economics Paper

The Firm as a Communication Network - (Now published in 'Quarterly Journal of Economics' CIX(4) (December 1994), pp.809-839. Reprinted in Mark Casson (ed.). 'The Theory of the Firm'(Edward Elgar Publishing, 1997).

Patrick Bolton and Mathias Dewatripont

In this paper the internal organisation of firms is reduced to the organisation of a communication network. In the presence of information communication and processing costs it is important to design rules guiding which ...Read more...

1992