A challenge facing labor economists is to explain the existence of different wage-setting mechanisms. This paper investigates the relative efficiency of competitive wage, wage bargaining and wage posting. In a search-theoretical model with human capital investment we establish the conditions,...

For school choice problems with affirmative action, responsiveness is used as a measure of how a matching mechanism performs in terms of a certain type of affirmative action policy. We know that the Deferred Acceptance (DA) mechanism is not responsive to the priority-based affirmative action on...

Exploring the Way to China’s Modernization -- Four Major Reforms in China since the Modern Times -- Achievements of Reform: Development, Transition, and Globalization -- Experience from China’s Reform -- Three Stages of China’s Economic Institutional Transition -- The Origin of the...

This paper considers double implementation of Walrasian allocations and Lindahl allocations in Nash and strong Nash equilibria for both private and public goods economies when preferences, initial endowments, production technologies, and coalition patterns are all unknown to the designer. It...