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Impossibility theorems suggest that the only efficient and strategyproof mechanisms for the problem of combinatorial assignment - e.g., assigning schedules of courses to students - are dictatorships. Dictatorships are mostly rejected as unfair: for any two agents, one chooses all their objects before the other chooses any. Any solution will involve(More)
Randomization is a common feature of everyday resource allocation. We generalize the theory of randomized assignment to accommodate various real-world constraints such as group-specific quotas (“controlled choice”) in school choice and house allocation, and scheduling and curriculum constraints in course allocation. We develop new mechanisms that are ex(More)
ion of the continuous limit order book. This abstraction is innocuous in the context of these prior works, but it precludes a race to respond to symmetrically observed public information as in our model. 5. A point of clarification: our claim is not that markets are less liquid today than before the rise of electronic trading and HFT; the empirical record(More)
The random priority (random serial dictatorship) mechanism is a common method for assigning objects to individuals. The mechanism is easy to implement and strategy-proof. However this mechanism is inefficient, as the agents may be made all better off by another mechanism that increases their chances of obtaining more preferred objects. Such an inefficiency(More)
This paper measures the impact of vertically integrated and exclusive software on industry structure and welfare in the sixth-generation of the US video game industry (2000–2005). I specify and estimate a dynamic model of both consumer demand for hardware and software products, and software demand for hardware platforms. I use estimates to simulate market(More)
This article studies the role of employer behavior in generating ‘‘negative duration dependence’’—the adverse effect of a longer unemployment spell—by sending fictitious résumés to real job postings in 100 U.S. cities. Our results indicate that the likelihood of receiving a callback for an interview significantly decreases with the length of a worker’s(More)
To encourage diversity, schools often “reserve” some slots for students of specific types. Students only care about their school assignments and contractual terms like tuition, and hence are indifferent among slots within a school. Because these indifferences can be resolved in multiple ways, they present an opportunity for novel market design. We introduce(More)
In the course allocation problem, a university administrator seeks to efficiently and fairly allocate schedules of over-demanded courses to students with heterogeneous preferences. We investigate how to computationally implement a recently-proposed theoretical solution to this problem (Budish, 2009) which uses approximate competitive equilibria to balance(More)