We study decentralized trade processes in general exchange economies and house allocation problems with and without money. Such processes are subject to persistent random shocks stemming from agents’ maximization of random utility. By imposing structure on the utility noise term —logit...

The paper develops a communication game that is applied to the question of central bank policy and independence. The game is about the preferred degree of conservatism of monetary policy and the game setting consists of a principal (politics), an agent (central bank) and an observer (financial...

The sudden rise in land acquisitions in developing countries during the last decade has drawn the attention of scholars and think tanks. A set of recent papers by Deininger (2011), Deininger (2013), and Arezki et al. (2013) sought to understand the empirical determinants of the land rush. They...

We analyze self- and joint procurement of countries with heterogeneous demand for a good offered by a price discriminating monopolist. We find that not only countries with low but also with high demand can benefit from committing to jointly procure equal quantities at a uniform price, even if...

This article mobilizes and integrates both existing and new time series data on real wages, physical heights and age-heaping to examine the long-term trend of living standards and human capital for China during the eighteenth to twentieth centuries. Our findings confirm the existence of a...