This paper addresses the problem of sequentially allocating time sensitive goods, or one-period leases on a durable good, among agents who compete through time and learn about the common component of their valuation privately through experience. I show that efficiency is unattainable, and I...

The expected value of the log of a Bayesian’s posterior assessment of the true state of nature, computed under the probability law of the true state, is always at least as large as the log of the prior.

Many choice-theoretic and game-theoretic applications in Economics invoke some form of supermodularity or increasing differences for objective functions defined on lattices. These notes provide axiomatic foundations for these properties on expected-utility representations of preferences over...