Priority structures are uncertain in real-life college admissions markets. This study investigates how information structures on priority affect resulting allocations. To do this, we focus on a class of real-life information structures that are represented as cutoff signals, which privately tell...

We state efficiency conditions for the provision of congestable local public goods that diminish individual-specific proprietary risks. The optimum level of such a public service is determined by equating the sum of the reductions of the expected property losses due to a better service level...