Both common sense and historical examples suggest that resource scarcity causes appro- priative con ict as people struggle with each other to avoid hunger and starvation. But, economic intuition, also supported by historical examples, suggests that resource abundance, by giving people more to...

Starting with an initial price vector, prices are adjusted in order to eliminate the demand excess and at the same time to keep the transfers to the sellers as low as possible. In each step of the auction, to which sellers should those transfers be made (minimal overdemanded sets) is the key...

It is known that the incompleteness of asset markets causes inefficiency in almost every equilibrium. Yet unexplored is the "size" of this inefficiency. The size of a Pareto improvement is the total willingness to pay for it, out of current consumption. Inefficiency is the maximum size of any...