Price controls are used in many regulated markets and well recognized as the cause of market inefficiency. This paper examines a practical housing market in the presence of price controls and provides a solution to the problem of how houses should be efficiently allocated among agents through a...

A group of heterogeneous agents may form partnerships in pairs. All single agents as well as all partnerships generate values. If two agents choose to cooperate, they need to specify how to split their joint value among one another. In equilibrium, which may or may not exist, no agents have...

Assuming that bidders wish to acquire at most one item, this paper defines a polynomial time multi-item auction that locates the VCG prices in a finite number of iterations for any given starting prices. This auction is called the Vickrey–English–Dutch auction and it contains the...

In many real‐life house allocation problems, rents are bounded from above by price ceilings imposed by a government or a local administration. This is known as rent control. Because some price equilibria may be disqualified given such restrictions, this paper proposes an alternative...

Using data covering 38 countries across the 1965–2005 period, this paper shows that former British colonies tend to exhibit higher levels of carbon dioxide emission than other countries.

This note analyzes constrained Pareto efficient nonlinear income tax schedules that are monotonic chains to the left. The main result demonstrates that if all individuals have a positive consumption at the tax schedule that maximizes the utility of the worst-off individual, then the constrained...