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 characterize preferences over acts that can be represented by a utility function and a multiple–prior, such that an act f is preferred to act g if there is a prior under which the expected utility induced by f is higher than that induced by g. These preferences are referred to as justifiable preferences. We further introduce a generalized model of ambiguity that involves a collection of mult...

Many institutional investors periodically adopt an asset allocation policy that specifies target percentages of value for each of several asset classes. Typically a policy is set by a fund’s board after evaluating the implications of a set of alternative policies. The staff is then instructed to implement the policy, usually by maintaining the actual allocation to each asset class within a spec...

A voting protocol is said to be strongly participatory if for any player i and any strategy profile either the outcome is i‘s preferred one or i has a strategy which would ensure her a better outcome, and VNMstrategy proof if at any preference profile the set of sincere strategies of each player is a VNM-stable set. It is shown that the proportional lottery (PL) modular voting protocol is both ...

Predicting the effects of an expected climatic change requires estimates and modeling of stochastic factors as well as density-dependent effects in the population dynamics. In a population of a small songbird, the dipper (Cinclus cinclus), environmental stochasticity and density dependence both influenced the population growth rate. About half of the environmental variance was explained by vari...