We study decentralized trade processes in general exchange economies and house allocation problems with and without money. The processes are affected by persistent random shocks stemming from agents' maximization of random utility. By imposing structure on the utility noise term--logit...

Using only ordinal axioms, we characterize several multigroup school segregation indices: the Atkinson indices for the class of school districts with a given fixed number of ethnic groups and the Mutual Information index for the class of all districts. Properties of other school segregation...

We uncover a new necessary condition for implementation in iteratively undominated strategies by mechanisms that satisfy the “best element property” where for each agent, there exists a strategy profile that gives him the highest payoff in the mechanism. This class includes finite and...