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This paper studies the effect of asset bubbles on economic growth in the presence of financial constraints and heterogeneous projects. I consider an economy with two sectors which differ in their productivity and the pledgeability of their output in financial markets. The first sector has low...
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claims. We focus on market-based allocation rules that impose a two-step procedure: assignment of rights based on claims …-assignment rules that guarantee that the allocation rules are fair. We apply our results to problems of greenhouse gas emissions and …
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We consider the multi-object allocation problem with monetary transfers where each agent obtains at most one object … (unit-demand). We focus on allocation rules satisfying individual rationality, no subsidy, efficiency, and strategy …
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study focuses on the multi-object allocation problem with monetary transfers where each agent obtains at most one object …
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