The random priority (random serial dictatorship) mechanism is a common method for assigning objects to individuals. The mechanism is easy to implement and strategy-proof. However this mechanism is inefficient, as the agents may be made all better off by another mechanism that increases their...

Scientific views on human variation and the relationship between humans and apes changed dramatically between 1700-1900. This paper traces the history of those changes from an initial consensus on the homogeneity of man and on casual models tied to environmental contrasts to the turn of the 20th...

This paper considers the appropriate stabilization objectives for monetary policy in a microfounded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative...

Paul Romer's paper "Increasing Returns and Long Run Growth" is now 15 years old. This pathbreaking contribution led to a resurgence in research on Economic Growth. The new literature has made a number of important contributions. One of the main ones, perhaps the main one, is that it has shifted...

It has been almost two years since the process leading to the reform of the Dispute Settlement Understanding (DSU) was initiated. The Ministerial Conference in Doha provided the legal mandate to do so. Negotiations started in early March 2002 and were supposed to be concluded by end of May 2003....

This paper considers settlement negotiations between a single defendant and N plaintiffs when there are fixed costs of litigation. When making simultaneous take-it-or-leave-it offers to the plaintiffs, the defendant adopts a divide and conquer strategy. Plaintiffs settle their claims for less...