We investigate computational and mechanism design aspects of optimal scarce resource allocation, where the primary rationing mechanism is through waiting times. Specifically we consider the problem of allocating medical treatments to a population of patients. Each patient has demand for exactly one unit of treatment, and can choose to be treated in one of k hospitals, H1, . . . ,Hk. Different h...

This study develops and tests three sets of predictions concerning new design introduction during the initial period of ferment in a new product market. We root our predictions most directly in the evolutionary economic concepts of local search and performance heuristics. First, we argue that new entrants will introduce most designs that are new to a product market during an initial period of f...

In this paper, a leader–follower competitive facility location problem considering the reactions of the competitors is studied. A model for locating new facilities and determining levels of quality for the facilities of the leader firm is proposed. Moreover, changes in the location and quality of existing facilities in a competitive market where a competitor offers the same goods or services ar...

We consider the design of prediction market mechanisms known as automated market makers. We show that we can design these mechanisms via the mold of exponential family distributions, a popular and wellstudied probability distribution template used in statistics. We give a full development of this relationship and explore a range of benefits. We draw connections between the information aggregati...

This paper incorporates the well-documented part-time/fulltime wage differential into an empirical labor supply model with both a heterogeneityand a random-error term and estimates that model for women in the United States. Incorporation of the part-time/full-time wage differential results in a unique discontinuous, nonconvex budget set, and the consideration of estimation procedures previously...