Composite indicators are becoming increasingly infuential tools of environmental assessment and advocacy. Nonetheless, their use is controversial as they often rely on ad-hoc and theoretically problematic assumptions regarding normalization, aggregation, and weighting. Nonparametric data...

I study a class of differential games of pollution control with profit functions that are polynomial in the global pollution stock. Given an emissions path satisfying mild regularity conditions, a simple polynomial ambient transfer scheme is exhibited that induces it in Markov-perfect...

How should a decision-maker allocate R&D funds when a group of experts provides divergent estimates on a technology's potential effectiveness? To address this question, we propose a simple decision-theoretic framework that takes into account ambiguity over the aggregation of expert opinion and a...

An allocation's ordinal efficiency deficit (OED) is defined as the greatest ordinal efficiency loss that can result from its application. More precisely, an allocation's OED is the negative of the greatest total amount by which it may be stochastically dominated by another feasible allocation....

This paper studies a generalization of the well known house allocation problem in which agents may own fractions of different houses summing to an arbitrary quantity, but have use for only the equivalent of one unit of a house. It departs from the classical model by assuming that arbitrary...

We study the problem of dissolving a partnership when agents have unequal endowments. Agents bid on the price of the entire partnership. The highest bidder is awarded the partnership and buys out her partners' shares at a per-unit price that is a function of the two highest bids. We show that...

How should a decision-maker assess the potential of an investment when a group of experts provides strongly divergent estimates on its expected payoff? To address this question, we propose and analyze a variant of the well-studied -maxmin model in decision theory. In our framework, and...

Many aspects of social welfare are intrinsically multidimensional. Composite indices at-tempting to reduce this complexity to a unique measure abound in many areas of economics and public policy. Comparisons based on such measures depend, sometimes critically, on how the different dimensions of...