This paper proves stronger versions of the Gibbard random dictatorship theorem using induction on the number of voters. It shows that when there are at least three voters, every random social choice function defined on a domain satisfying a Free Triple at the Top property and satisfying a weak...

In a relatively recent paper, Gehrig and Stenbacka (Eur Econ Rev 51, 77-99, 2007) show that information sharing increases banks' profits to the detriment of creditworthy entrepreneurs in a model of a banking duopoly with switching costs and poaching. They restrict their analysis to the case in...

We consider private good economies with single-peaked preferences. We show that the uniform rule is the only allocation rule satisfying omega-continuity, no-envy, and one-sided resource-monotonicity. This result strengthens a characterization of the uniform rule due to Thomson (Soc Choice Welf...

On several classes of n-person NTU games that have at least one Shapley NTU value, Aumann characterized this solution by six axioms: Non-emptiness, efficiency, unanimity, scale covariance, conditional additivity, and independence of irrelevant alternatives (IIA). Each of the first five axioms is...

This article presents a link between tariff rates and industry structure in a dynamic setting. We examine the role of tariffs on final-goods in a firm's decision to integrate and collude in the presence of competitive imports. It is shown that, under some conditions, the upstream firm has an...

Erceg et al. (J Monet Econ 46:281313, 2000) introduce sticky wages in a New-Keynesian general-equilibrium model. Alternatively, it is shown here how wage stickiness may bring unemployment fluctuations into a New-Keynesian model. Using a Bayesian econometric approach, bothmodels are estimated...

The division problem consists of allocating a given amount of an homogeneous and perfectly divisible good among a group of agents with singlepeaked preferences on the set of their potential shares. A rule proposes a vector of shares for each division problem. Most of the literature has...

In this paper we address several issues related to collective dichotomous decision-making by means of quaternary voting rules, i.e., when voters may choose between four actions: voting yes, voting no, abstaining and not turning up-which are aggregated by a voting rule into a dichotomous...

We analyze third degree price discrimination by an upstream monopolist to a continuum of heterogeneous downstream firms. The novelty of our approach is to recognize that customizing prices may be costly. As a consequence, partial price discrimination arises in equilibrium; in particular,we...

The ability to accurately estimate the extent to which the failure of a bank disrupts the financial system is very valuable for regulators of the financial system. One important part of the financial system is the interbank payment system. This paper develops a robust measure, SinkRank, that...