This paper studies the problem of assigning a set of indivisible objects to a set of agents when monetary transfers are not allowed and agents reveal only ordinal preferences, but random assignments are possible. We offer two characterizations of the probabilistic serial mechanism, which assigns...

We present a model of bargaining in which a committee searches over the policy space, successively amending the default by voting over proposals. Bargaining ends when proposers are unable or unwilling to amend the existing default, which is then implemented. Our main goal is to study the...

A common real-life problem is to fairly allocate a number of indivisible objects and a fixed amount of money among a group of agents. Fairness requires that each agent weakly prefers his consumption bundle to any other agent's bundle. In this context, fairness is incompatible with budget-balance...

A new mechanism was introduced in New York City and Boston to assign students to public schools. This mechanism was advocated for its superior fairness property, besides others. We introduce a new framework for school-choice problems and two notions of fairness in lottery design based on ex-ante...

We model club formation as a non-cooperative game of coalition formation and surplus division. We show how social norms and individual rationality sustain a particular form of collective inefficiency, namely excessive entry in the joint production and exploitation of an excludable good. We term...

Gale and Shapley (1962) proposed that there is a similar game to the marriage problem called "the roommate problem". And, they showed that unlike the marriage problem, the roommate problem may have unstable solutions. In other words, the stability theorem fails for the roommate problem. In this...

This paper studies stationary Markov perfect equilibria in multidimensional models of dynamic bargaining, in which the alternative chosen in one period determines the status quo for the next. We generalize a sufficient condition for existence of equilibrium due to Anesi and Seidmann, 2015. We...

Describing individual behavior, we will be concerned with an axiom system, which can be interpreted by Shephard's distance function. Based on this function, one can discover the individual's preference relation, from which the individual's demand function can be derived. We will realize that the...

We study dynamic committee bargaining over an infinite horizon with discounting. In each period a committee proposal is generated by a random recognition rule, the committee chooses between the proposal and a status quo by majority rule, and the voting outcome in period t becomes the status quo...

Many real-life applications of house allocation problems are dynamic. For example, in the case of on-campus housing for college students, each year freshmen apply to move in and graduating seniors leave. Each student stays on campus for a few years only. A student is a newcomer in the beginning...