We study house allocation problems introduced by Shapley and Scarf (1974). We prove that a mechanism (a social choice function) is individually rational, anonymous, strategy-proof, and non-bossy (but not necessarily Pareto efficient) if and only if it is either the core mechanism or the no-trade mechanism, where the no-trade mechanism is the one that selects the initial allocation for each prof...

This article seeks to reformulate the “colourful and fluid” early debate on the effects of foreign direct investment in two ways. Firstly, the wide range of separate specific concerns of the early debate are subsumed within four generic issues: efficiency, distribution, sovereignty, and growth and development. Secondly, the analysis is now structured around modes of analysis of transnational co...

We are interested in mechanisms that maximize social welfare. In [2] this problem was studied for multi-unit auctions and for public project problems, and in each case social welfare undominated mechanisms were identified. One way to improve upon these optimality results is by allowing the players to move sequentially. With this in mind, we study here a sequential version of the Bailey-Cavallo ...

I investigate the behaviour of a multiproduct monopolist supplying vertically di®erentiated varieties of the same good. The discrete model adopted here allows to obtain a continuous model when, in the limit, the number of varieties becomes in ̄nitely large. The main ̄nding establishes that the tendency on the part of the monopolist to undersupply all qualities but the top one can take two alterna...

When productivity is fostered by an individual’s own human capital as well as by the economy-wide average level of human capital, individuals under-invest in human capital. The provision of subsidies for the formation of human capital, conditional on the subsidy being self-financed by tax revenues, can bring the economy to its socially optimal level of human capital. Yet a strictly positive pro...

By means of a simulated funding-agency/supported-firm stochastic dynamic game, this paper shows that the level of the subsidy provided by a funding (public) agency, normally used to correct for firm R&D shortage, might be severely underprovided. This is due to the "externalities" generated by the agency-firm strategic relationship, as showed by comparing two versions of the model: one assuming ...

What has been the effect of the shift in emerging market capital flows toward private sector borrowers? Are emerging markets capital flows more efficient? If not, can controls on capital flows improve welfare? This paper studies these questions in a world with two forms of default risk. When private loans are enforceable, but there is the risk of national default, constrained efficient capital ...

Abstrucr; We address the problem of sample size determination for step-down multiple comparison procedures (MCP’s) for two nonhierarchical families orthogonal contrasts and comparisons with a control, in order to guarantee a specified requirement on their power. The results for the corresponding single-step MCP’s are obtained as special cases. Numerical calculations of the sample sizes to guara...

This paper examines a Waste Management Organisation's (WMO) pricing options to implement the Pareto-efficient allocation in an economy where materials are first extracted, then used for producing a consumption good and finally recycled or landfilled. The WMO is established by the producers who are responsible for the proper disposal of consumption waste which consists of a mix of materials. Tha...

Indexing in information retrieval (IR) is used to obtain a suitable vocabulary of index terms and optimum assignment of these terms to documents for increasing the effectiveness and efficiency of an IR system. The concept of term discrimination value (TDV) is one of the criteria used for index-term selection. In this article a new concept called the cover coefficient (CC) will be used in comput...