Existence of a monetary steady state is established for a random matching model with divisible goods, indivisible money, and take-it-or-leave-it offers by consumers. There is no restriction on individual money holdings. The background environment is that in papers by Shi and by Trejos and...

Strategy-proofness, requiring that truth-telling is a dominant strategy, is a standard concept in social choice theory. However, the concept of strategy-proofness has serious drawbacks. First, announcing one's true preference may not be a unique dominant strategy, and using the wrong dominant...

In this paper we examine and discuss estimates of fertility in the Democratic Republic of the Congo (DRC). Currently, the United Nations estimates that the country's total fertility rate is 6.7, and national sources provide an even higher estimate of 7.3. However, our assessment of the data...

This paper compares the effects of migration restrictions using licenses which are freely traded in a competitive labor market to those that occur when licenses are allocated to firms who are not permitted to trade them. There is reason to expect that a policy of making licenses non-transferable...

The main justification for cash-in-advance (CIA) equilibria when there are multiple assets is a Shapley-Shubik trading-post model where the agents coordinate on a particular medium of exchange. Of course, there are other equilibria. We introduce a refinement and show that the CIA equilibrium...

A state which does not desire an arms race may nevertheless acquire new weapons if it believes another state will acquire them. If each state assigns some arbitrarily small probability to the event that the other state has a dominant strategy to acquire more weapons, then a multiplier effect...