We consider the priority-based allocation problem: there is a set of indivisible objects with multiple supplies (e.g., schools with seats) and a set of agents (e.g., students) with priorities over objects (e.g., proximity of residence area). We study two well-known and competing mechanisms. The agentoptimal stable mechanism (AOSM) allots objects via the deferred acceptance algorithm. The top tr...

Contingent valuation (CV) has become one of the most widely used non-market valuation techniques. CV’s prominence is due to its flexibility and ability to estimate total value, including passive use value. Its use and the inclusion of passive use value in benefit-cost analyses and environmental litigation are the subject of a contentious debate. This paper discusses key areas of the debate over...

I develop an analytic integrated assessment model of climate change. The paper closes a gap between complex numeric models used in policy advising and stylized models built for analytic insight. The climate component contains an explicit carbon cycle, the CO2 radiative forcing equation, and a atmosphere-ocean temperature dynamics. Economic production relies on various clean and dirty, and poten...

It is well known that ex post e¢ cient mechanisms for the provision of indivisible public goods are not interim individually rational. However, the corresponding literature assumes that agents who veto a mechanism can enforce a situation in which the public good is never provided. This paper instead considers majority voting with uniform cost sharing as the relevant status quo. E¢ cient mechani...

We develop a rational expectations equilibrium model in which noise trading comes from discretionary liquidity traders. The equilibrium quantity of aggregate noise trading is endogenously determined by the population size of liquidity traders active in the financial market. By improving market liquidity, public information reduces the expected trading loss of liquidity traders and thus attracts...

Conventional benefit-cost analysis incorporates the normally reasonable assumption that the policy or project under examination is marginal. Among the assumptions this entails is that the policy or project is small, so the underlying growth rate of the economy does not change. However, this assumption may be inappropriate in some important circumstances, including in climate-change and energy p...

We characterize the family of efficient, consistent, and strategy-proof rules in house allocation problems. These rules follow an endowment inheritance and trade procedure as in Pápai’s Hierarchical Exchange rules [Pápai, S., 2000. Strategy-proof assignment by hierarchical exchange, Econometrica 68, 1403-1433] and closely resemble Ergin’s Priority Rules [Ergin, H., 2002. Efficient resource allo...

We consider a simple model of a pure exchange economy under uncertainty with two periods, one physical good, and …nitely many states of the world. Denoting the number of the states by S, we prove that there exists a sequence of S securities, all in zero net supply, such that if they are introduced into markets one by one in the order of the sequence, then the security markets eventually become ...

This paper advocates computable general equilibrium (CGE) models as an analytical framework that is suitable for assessing the impacts of policy interference on the three dimensions of Sustainable Development, i.e. environmental quality, economic performance and equity. Methodological extensions of standard CGE models are illustrated that may strengthen the role of CGE models in measuring polic...

The incidence of stroke in India is one the largest worldwide. With this scoping review, we assessed evidence on costs stroke, which essential to evaluate whether care interventions are cost-effective. We adopted a healthcare sector and broader societal perspective searched electronic databases for records including cost estimates (up 2020). Following deduplication screening 2,510 records, extr...