We study mechanism design in non-Bayesian settings of incomplete information, when the designer has no information about the players, and the players have arbitrary, heterogeneous, first-order, and possibilistic beliefs about their opponents' payoff types.

In a naked credit default swap (CDS) position, a party pays an income stream to a seller of protection to swap away default risk on an underlying defaultable security without actually holding this reference instrument. Using mark-to-market returns on a large cross section of CDS positions, held...

Lease expiration management (LEM) in the apartment industry aims to control the number of lease expirations and thus achieve maximal revenue growth. We examine rental rate strategies in the context of LEM for apartment buildings that offer a single lease term and face demand uncertainty. We show...

Whereas the technical feasibility of solar water heaters (SWHs) has long been established, the economic feasibility of SWHs in regional China remains to be examined. This paper constructs cost models to calculate costs per unit energy saving of SWHs in 27 Chinese provincial capital cities. The...

Human societies are complex thermodynamic systems. It is natural to ask to what extent results obtained from simple thermodynamic systems can be extended to provide insights into more complex thermodynamic systems. We apply some simple results from thermodynamics to examine relations among...

Recent evidence has shown that entrants into self-employment are disproportionately drawn from the tails of the earnings and ability distributions. This observation is explained by a multitask model of occupational choice in which frictions in the labor market induce mismatches between firms and...