We consider the mechanism design problem when agents' types are multidimensional and continuous, and their valuations are interdependent. If there are at least three agents whose types satisfy a weak correlation condition, then for any decision rule there exist balanced transfers that render...

We consider mechanism design in social choice problems in which agents' types are mutually payoff-relevant, multidimensional, and take on a continuum of possible values. If the center receives a signal that is stochastically related to the agents' types and direct returns are bounded, for any...

An extreme event, such as a nuclear accident, an earthquake, a cluster of adverse reactions to a particular drug, or excessive breakdowns of some class of equipment, frequently focuses attention for the first time on an important issue. By then, however, data on the incidence and magnitudes of...