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...

We propose the concept of level r consensus as a useful property of a preference profile which considerably enhances the stability of social choice. This concept involves a weakening of unanimity, the most extreme form of consensus. It is shown that if a preference profile exhibits level r...

We propose the concept of level r consensus as a useful property of a preference profile which considerably enhances the stability of social choice. This concept involves a weakening of unanimity, the most extreme form of consensus. It is shown that if a preference profile exhibits level r...

We propose the concept of level r consensus as a useful property of a preference profile which considerably enhances the stability of social choice. This concept involves a weakening of unanimity, the most extreme form of consensus. It is shown that if a preference profile exhibits level r...

We provide a characterization of virtual Bayesian implementation in environments satisfying no-total-indifference. A social choice function in such environments is virtually Bayesian implementable if and only if it satisfies incentive compatibility and a condition we term virtual monotonicity....

Restricting attention to economic environments, we study implementation under perturbed better-response dynamics (BRD). A social choice function (SCF) is implementable in stochastically stable strategies of perturbed BRD whenever the only outcome supported by the stochastically stable strategies...