The extent to which the observed procedures for selling new issues are efficient is studied. We show that a posted-price mechanism, in conjunction with nonbinding preplay communication and participation restrictions, leads to an allocation of the security (and payment) that maximizes the...

A voting rule maps voter preferences into outcomes, and is called sophisticated if there exists a voting tree whose sophisticated outcomes coincide with the voting rule for every voter preference. As yet, no complete characterization of such rules is available. In this paper, we provide an...

What makes a city? Rather than a totality, a city is best understood through focusing upon different but interconnected spaces and processes that make for both dynamism and instability in human lives. Hence, the book ranges across a number of sites in order to explore their connections. How do...

In this article, I address the question of negotiation analysis pertaining to the Cancun Ministerial of the World Trade Organization (WTO). Albeit, the deep differences between developed and developing countries on various trade issues could not be accommodated and the Cancun Ministerial finally...

We study the consumption-portfolio problem with realized capital gain taxation. The distinguishing feature of our analysis is that we impose on the model an important element of the tax code that has received little attention in the academic literature: the limited use of capital losses....

We consider the portfolio delegation problem in a world with complete contingent claim markets. A principal hires an agent to manage a portfolio. When the agent has limited liability (that is, there is a lower bound on the compensation contract), she may have an incentive to take on excessive...

This paper studies the problem of implementation of allocation rules in economic environments when agents are incompletely informed about the environment. The concept of equilibrium used is that of Bayesian Nash equilibrium. The authors show that a condition called Bayesian monotonicity is...