Different markets are cleared by different types of prices—seller-specific prices that are uniform across buyers in some markets, and personalized prices tailored to the buyer in others. We examine a setting in which buyers and sellers make investments before matching in a competitive market....

We study directed search equilibria in a decentralized market with adverse selection, where uninformed buyers post general trading mechanisms and informed sellers select one of them. We show that this has differing and significant implications with respect to the traditional approach, based on...

Various forms of substitutability are essential for establishing the existence of equilibria and other useful properties in diverse settings such as matching, auctions, and exchange economies with indivisible goods. We extend earlier models' definitions of substitutability to settings in which...

We consider deterministic dominant strategy implementation in multidimensional dichotomous domains in private values and quasi-linear utility setting. In such multidimensional domains, an agent’s type is characterized by a single number, the value of the agent, and a non-empty set of...

We consider Bayesian incentive-compatible mechanisms with independent types and either private values or interdependent values that satisfy a form of "congruence." We show that in these settings, interim participation constraints are satisfied when the status quo is the randomized allocation...

We study a two-sided matching market with a set of heterogeneous firms and workers in an environment where jobs are secured by regulation. Without job security Kelso and Crawford have shown that stable outcomes and efficiency prevail when all workers are gross substitutes to each firm. It turns...

In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller...

Why do some incomplete information markets feature intermediaries while others do not? I study the allocation of two goods in an incomplete information setting with a single principal, multiple agents with unit demand, and interdependent valuations. I construct a novel dynamic mechanism...

We study two-sided matching where one side (colleges) can make monetary transfers (offer stipends) to the other (students). Colleges have fixed budgets and strict preferences over sets of students. One different feature of our model is that colleges value money only to the extent that it allows...

We show that the class of preferences satisfying the Gross Substitutes condition of Kelso and Crawford (1982) is strictly larger than the class of Endowed Assignment Valuations of Hatfield and Milgrom (2005), thus resolving the open question posed by the latter paper. In particular, our result...