This paper provides two axiomatizations of the probabilistic serial mechanism. First, the mechanism is characterized by ordinal efficiency, envy-freeness, and truncation robustness. Truncation robustness restricts changes in assignments when agents truncate their preference lists. In this...

This paper studies aspects of the broad class of log-concave probability distributions that arise in the economics of uncertainty and information. Useful properties of univariate log-concave distributions are proven without imposing differentiability of density functions. We also discuss...

Commonly observed patterns typically follow a few distinct families of probability distributions. Over one hundred years ago, Karl Pearson provided a systematic derivation and classification of the common continuous distributions. His approach was phenomenological: a differential equation that...

This paper studies aspects of the broad class of log-concave probability distributions that arise in the economics of uncertainty and information. Useful properties of univariate log-concave distributions are proven without imposing differentiability of density functions. We also discuss...

Agents that act as information brokers in large distributed systems (such as the internet) lower the cost of obtaining information. Agents have direct access to only a small part of such systems at any one time. This paper investigates the conditions in which agents successfully go through other...

Maximizing subjective expected utility is the classic model of decision making under uncertainty. Savage (1954) provides axioms on preference over acts that are equivalent to the existence of a subjective expected utility representation, and further establishes that such a representation is...