The Coordinate-Wise Core for Multiple-Type Housing Markets is Second-Best Incentive Compatible

We consider the generalization of Shapley and Scarf''s (1974) model of trading indivisible objects (houses) to so-called multiple-type housing markets. We show (Theorem 1) that the prominent solution for these markets, the coordinate-wise core rule, is second-best incentive compatible. In other words, there exists no other strategy-proof trading rule that Pareto dominates the coordinate-wise core rule. Given that for multiple-type housing markets Pareto efficiency, strategy-proofness, and individual rationality are not compatible, by Theorem 1 we show that applying the coordinate-wise core rule is a minimal concession with respect to Pareto efficiency while preserving strategy-proofness and individual rationality.microeconomics ;

First Best Bayesian Privatization Mechanisms

A planner is interested in designing an ex-post efficient, individually rational, Bayesian mechanism for allocating a single indivisible object to one of the agents who knows his own valuation and only the distribution of other agents' valuations of the object. In this paper, we show that it is impossible to design such a mechanism without any transfers among agents and the planner. However, we discover and describe an ex-post efficient, ex-post individually rational, Bayesian mechanism which balances transfers among agents without any payment to (or from) the planner. Our result that an ex-post efficient, ex-post individually rational, transfer balanced, Bayesian mechanism exists, is in stark contrast to two well-known impossibility results in the literature; the nonexistence of a Bayesian public good mechanism satisfying expost efficiency, individual rationality and budget balance (Laffont and Maskin (1979)) and the impossibility of an ex-post efficient, individually rational, Bayesian bilateral trading mechanism between a seller and a buyer without an outside subsidy (Myerson and Satterthwaite (1983))

Market distortions and corporate governance.

This paper studies corporate governance when a firm operates in imperfect markets. We derive firms' decisions from utility maximisation by individuals. This reduces the usual monopoly distortion. Corporate governance can effect the equilibrium in the product (or input) markets. This enables us to endogenise the objective function of the firm. If the firm cannot commit not to change its constitution, we find a Coase-like result where all market power is lost in the limit. We present a more abstract model of governance in the presence of market distortions and discuss its implications for the governance of universities.corporate governance, stakeholder, strategic delegation, economics of universities.

Developing Primary Teachers' Mathematics Subject Knowledge: A Practitioner Research Study that Explores the Developed Nature of Primary Teachers' Subject Knowledge in Mathematics; the Factors Which Influenced its Development and its Interrelationship with and Influence on Changes in Professional Practice, Within the Context a Mathematics Specialist Teacher Programme (MaST)

The study is set within the context of the Mathematics Specialist Teacher Programme (MaST) at a University in England. This programme was a two year Masters' level professional development for primary teachers. The research questions explore the nature of the subject knowledge developed by the teachers; the factors which influenced its development and how the developed subject knowledge interacts with and influences classroom practice. A practitioner research approach was adopted, influenced by the concept of phenomenography. Grounded theory was applied to analyse the data in order to develop theory. A mixed methods strategy was used, involving mainly qualitative data with some quantitative data collected through both questionnaires and group interviews. The main findings were that: - The development of teacher subject knowledge is dynamic and continuous and has the potential to develop within the context of practice. - A connected structure applied to the programme design had significant impact on teacher development. - The particular constructs used within the programme acted as vehicles for transference of developed subject knowledge into practice. My recommendations for policy and future research are: - The development of a national framework for primary teacher subject knowledge in mathematics, which outlines the required knowledge and recommendations for development. This would require research, agreement and evaluation. - Further research into effective strategies for the development of teacher subject knowledge in mathematics, including the application of a big ideas framework

Market distortions and corporate governance

This paper studies corporate governance when a firm faces imperfect competition. We derive firms' decisions from utility maximization by individuals. This reduces the usual monopoly distortion. We find that corporate governance can effect the equilibrium in the product (or input) markets. This enables us to endogenize the objective function of the firm. If the firm cannot commit not to change its constitution, we find a Coaselike result where all market power is lost in the limit. We present a more abstract model of governance in the presence of market distortions and discuss its implications for the governance of universities

Washington University Record, March 31, 2006

https://digitalcommons.wustl.edu/record/2067/thumbnail.jp

Science and Poetry: Narrativizing Marital Crisis in Reform-Era Rural China

This is the publisher's official version, which the author has obtained permission to share

Stationary solutions of stochastic partial differential equations and infinite horizon backward doubly stochastic differential equations

In this thesis we study the existence of stationary solutions for stochastic partial differential equations. We establish a new connection between solutions of backward doubly stochastic differential equations (BDSDEs) on infinite horizon and the stationary solutions of the SPDEs. For this, we prove the existence and uniqueness of the L2ρ (Rd; R1) × L2ρ (Rd; Rd) valued solutions of BDSDEs with Lipschitz nonlinear term on both finite and infinite horizons, so obtain the solutions of initial value problems and the stationary weak solutions (independent of any initial value) of SPDEs. Also the L2ρ (Rd; R1) × L2ρ (Rd; Rd) valued BDSDE with non-Lipschitz term is considered. Moreover, we verify the time and space continuity of solutions of real-valued BDSDEs, so obtain the stationary stochastic viscosity solutions of real-valued SPDEs. The connection of the weak solutions of SPDEs and BDSDEs has independent interests in the areas of both SPDEs and BSDEs