The art market is subject to frequent booms and busts in both prices and volume,<br/>which are difficult to reconcile with models where agents are rational and<br/>hold homogenous beliefs. This paper shows that (i) volume is mainly driven by<br/>speculative transactions; (ii) positive price-volume correlation...

Limit core allocations are the ones that remain in the core of a replicated economy.An equivalent notion for economies with public goods is Schweizer s concept of club e ciency under a variable number of economic agents.We extend this notion to economies with goods that have a semi-public...

This paper analyzes processing problems and related cooperative games.In a processing problem there is a finite set of jobs, each requiring a specific amount of effort to be completed, whose costs depend linearly on their completion times.There are no restrictions whatsoever on the processing...