We extend the Shapley-Scarf (1974) model - where a finite number of indivisible objects is to be allocated among a finite number of individuals - to the case where the primary endowment set of an individual may contain none, one, or several objects and where property rights may be transferred...

About one-half of Africa's population will remain below age 30 well past 2050,with relatively few aged 60 and older. Using Tanzania's projected demographics and presenteconomic point of departure, this paper demonstrates how the implicit '*double'*demographic dividend can be harnessed to create...

The author address the question of optimal capital ratio in banking, particularly the fact that banks' risk-weighted capital is substantially larger than the stipulated reserve requirements by the Bank of International Settlements. With a factor model for the value of entrepreneurs' projects and...

This paper provides three short proofs of the classical Gibbard–Satterthwaite theorem. The theorem is first proved in the case with only two voters. The general case follows then from an induction argument over the number of voters. The proof of the theorem is further simplified when the...

We consider envy-free and budget-balanced allocation rules for problems where a number of indivisible objects and a fixed amount of money is allocated among a group of agents. In finite economies, we identify under classical preferences each agent’s maximal gain from manipulation. Using this...