Showing 1 - 10 of 119
The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...
Persistent link: https://www.econbiz.de/10005413280
We study the problem of allocating a set of objects, e.g. houses, tasks, offices to a group of people having preferences over these objects. For various reasons, it often happens that more objects, sometimes fewer objects are available than initially planned and allocated. How should such...
Persistent link: https://www.econbiz.de/10014177591
We study problems of allocating objects among people. Some objects may be initially owned and the rest are unowned. Each person needs exactly one object and initially owns at most one object. We drop the common assumption of strict preferences. Without this assumption, it suffices to study...
Persistent link: https://www.econbiz.de/10014183375
This paper provides an 'escape route' from the efficiency-equity trade-off in the School Choice problem. We achieve our objective by presenting a weak notion of fairness, called τ-fairness, which is always satisfied by some allocation. Then, we propose the adoption of the Student Optimal...
Persistent link: https://www.econbiz.de/10014186947
We consider the problem of fairly allocating one indivisible object when monetary transfers are possible, and examine the existence of Bayesian incentive compatible mechanisms to solve the problem. We propose a mechanism that satisfies envy-freeness, budget balancedness, and Bayesian incentive...
Persistent link: https://www.econbiz.de/10014212939
Although a pilot national live-donor kidney exchange program was recently launched in the US, the kidney shortage is increasing faster than ever. A new solution paradigm is able to incorporate compatible pairs in exchange. In this paper, we consider an exchange framework that has both compatible...
Persistent link: https://www.econbiz.de/10014163464
Given any two-person economy, we consider a simple alternating-offer bargaining game with complete information where the agents offer prices. We provide conditions under which the outcomes of all stationary subgame-perfect equilibria converge to the Walrasian equilibrium (the price and the...
Persistent link: https://www.econbiz.de/10014121254
In the random assignment problem, there is a set of agents and a set of the same number of indivisible objects. Each agent has a preference ordering over the objects. We seek a method of assigning one object to each agent, using some randomisation to achieve fairness. The central solutions are...
Persistent link: https://www.econbiz.de/10014078118
Organizing the productive efforts of firms participating in a joint venture involves assigning firms to tasks according to abilities. A multidimensional incentive problem arises when abilities are private information. In any equilibrium, it is better to be a firm who is a specialist rather than...
Persistent link: https://www.econbiz.de/10014109454
A lottery is often used to allocate public rental apartments in practice. The existing random assignments in the literature do not apply to public rental apartments because practical constraints are more restrictive. We provide a lottery-TTC algorithm to find a lottery allocation that has two...
Persistent link: https://www.econbiz.de/10014137151