We consider risk sharing problems with a single good and ?nite number of states. Agents have a common prior and their preferences are represented in the expected utility form and are risk averse. We study efficient and individually rational risk sharing rules satisfying strategy-proofness, the...

This paper studies the problem of allocating divisible resources among agents based on their characteristics. A simple example is the bankruptcy problem, which allocates the liquidation value of a bankrupted firm to creditors based on their claims. By allowing agents' characteristics to be...

In the problem of locating multiple public facilities studied by Barbera and Bevia (2002), we offer simple necessary and sufficient conditions for effciency, decentralizability of efficient decisions in a game of community division and local public goods provision, and a constructive algorithm...

We formalize a notion of conditionally decisive powers of which the exercise depends on social consent. Decisive powers, or the so-called libertarian rights, are examples and much weaker forms of powers are covered by our notion. Main results provide an axiomatic characterization for existence...

We consider an abstract model of division problems where each agent is identi- fied by a characteristic vector. Agents are situated on a network (a non-directed graph) and any connected coalition can reallocate members¡¯ characteristics (e.g. reallocation of claims in bankruptcy problems). A...

Progressivity, inequality reduction and merging-proofness are three well-known axioms in taxation. We investigate implications of each of the three axioms through characterizations of several families of taxation rules and their logical relations. We also study the preservation of these axioms...

Research shows that minority children enter the labor market with lower levels of acquired skill than their white counterparts. The causes of this skill gap, however, are not entirely understood. This paper analyzes one possible cause: the impact of a perceived lack of future opportunities on...

I have been invited to write an essay on my experiences as founder and editor of the Cambridge University Press journal, Macroeconomic Dynamics. I have decided to focus the essay on my experiences in starting up the journal. Few economists, who have not themselves started up a new journal, are...

While credit cards provide transaction services, as do currency and demand deposits, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as credit card balances, to assets, such as money. But...

This survey provides an overview of the classes of macroeconometric models for which these experiments have so far been run and emphasizes the implications for lack of robustness of conventional dynamical inferences from macroeconometric policy simulations. By making this detailed survey of past...